I was expecting a modest gap up and took on a little risk over the weekend, but wow, +185 6E, +23 ES! Looks like they intend to blow out the stops on any remaining shorts. I guess when they decide to print $685 billion...
Unpresidented VIX Spike Suggests A Positive Week Ahead
- Thread starter shortie
- Start date
1. Unpresidented
Refers to the 2008 election, in which someone unprecedented (either a Black man or a woman) will be elected as either President or Vice President of the United States.
http://www.urbandictionary.com/define.php?term=Unpresidented
Refers to the 2008 election, in which someone unprecedented (either a Black man or a woman) will be elected as either President or Vice President of the United States.
http://www.urbandictionary.com/define.php?term=Unpresidented
Another nice call!
I thought we might sell off harder this morning on such a huge gap, but the ES seems to have put in a low at 1148. IMO there's a chance we could rally even higher this week, maybe 1175 or even to 1200. I reckon the long side looks good until the VIX gets down to the low 20s.
Another reason to be moderately bullish is that people only had 2 days to get long down around 1100ish. Most people were too scared and missed out. Now the market is higher and they are trapped sitting on cash. If we rally to 1175, 1190, 1200, they may feel pressure to buy to avoid "missing the move", and this could well cause a retest of the highs. This will then be time to book profits on longs.
I thought we might sell off harder this morning on such a huge gap, but the ES seems to have put in a low at 1148. IMO there's a chance we could rally even higher this week, maybe 1175 or even to 1200. I reckon the long side looks good until the VIX gets down to the low 20s.
Another reason to be moderately bullish is that people only had 2 days to get long down around 1100ish. Most people were too scared and missed out. Now the market is higher and they are trapped sitting on cash. If we rally to 1175, 1190, 1200, they may feel pressure to buy to avoid "missing the move", and this could well cause a retest of the highs. This will then be time to book profits on longs.
Sure it did.
As for today, it's almost all GAP. as I write, SPY opened at 115.87 and presently is 116.13. That's thee.........eh........specialists in 500 stocks moving away from their long basis aquired wholesale on Thursday and Friday.
Until SPY trades above 122.12, merely re-tracing where it's already been.
Numerous stocks and ETF's trading near 55 day lows. Not exactly a reflection of strength.
New highs had dwindled to just 16 on Friday and new lows has surpassed the 50 threshold.
Added to my green shorts today since the gap is a gift.
With hands extended, come join me in hammering MON into the teens.
Let's see, $116.13 at 11 AM and closed at $116.16.
Whoa.
Number of new NYSE highs was 57.
Double whoa.
But tommorw's another day!
Whoa.
Number of new NYSE highs was 57.
Double whoa.
But tommorw's another day!