Ignoring my short signals because momentum is weak. Probably a bad decision. Right time of day for the post London/Frankfurt drift to start and save us from the chop. Could be they are waiting to parse the Fed minutes but as paid professionals have already written today why would you expect a different answer when the main players have been explaining what they are going to do for a couple of weeks now. I will say the doves have gotten very little air time so maybe we will learn what their objections were, not that listening to the loosing side makes much of a difference.
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- A court in Shanghai froze nearly $181 million in assets partially owned by Jia Yueting, the founder of LeEco Holdings, over a missed interest payment, and an additional $2.3 billion worth of shares in the firm's listed unit. on.wsj.com/2sEoyG3
The availability problem becomes very real along the Great America Parkway, between Highway 237 and Highway 101. It’s near Levi’s Stadium. Nearby, Yahoo owned 49 acres of land that it acquired in 2006 and on which it had planned to build its new headquarters. It tore down the buildings on it and got the project approved for 3 million square feet of office space. It scuttled these plans in 2014 and turned the land into a parking lot for Levi’s Stadium. In April 2016, Yahoo sold the property for $250 million to LeEco, a Chinese company that had surged out of nowhere.
LeEco was going to get into nearly everything, including electric cars in the US. It was going to build its global headquarters on it and hire 12,000 people. Then came reality. Earlier this year, LeEco in turn scuttled those plans and pulled back from the US, claiming that it had run into a cash crunch. It has since been trying to sell the property. There will be a buyer eventually, as always, but maybe not at $250 million.
Turns out, that corridor along the Great America Parkway is drowning in office space that is for lease.
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QQQ holding the multi-day double bottom ca. 136.20 and showing constant upside momo all day. 15min timeframe, holding above the (still downslope) 50period MA.
J.Hirsh and STA (The Almanac guys) note that the first half of July predisposes bullish for the Nasdaq, especially in post-election years.
That may have been an intermediate LOW, in the 136-136.40 range.
*FED OFFICIALS DIVIDED OVER WHEN TO START BALANCE-SHEET RUNOFF
*FED OFFICIALS REPEATED SUPPORT FOR GRADUAL INTEREST-RATE HIKES
*A FEW FED OFFICIALS SAW EQUITY PRICES HIGH ON STANDARD METRICS
*FED OFFICIALS NOTED FINANCIAL CONDITIONS EASED DESPITE HIKES
*A FEW OFFICIALS SAW LOW VOLATILITY STOKING RISKS TO STABILITY
*MOST FED OFFICIALS BLAMED SOFT PRICES ON IDIOSYNCRATIC FACTORS
*FED DEBATED PROS, CONS OF SUSTAINED UNEMPLOYMENT UNDERSHOOT
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
now we may have 3 push up but still i expect another push up before pullback can be possible.
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IWM at 141.15 is again testing the 15min 200ema, as it has been doing for several days. This time from above. Right on it, with intraday momo now reading mildly positive.
ES bouncing on VWAP from above. Small cap futures, the TF, bounced on VWAP after the FOMC release but went through on the second test, currently bouncing on the Monday close level. Not following my short signal as the ADX is wandering in no-man's land. That would be close to a 14 period ADX on a 2 minute chart.
Breadth (participation)
Percent of stocks above their 50dma
Strongest: red and orange are banks and health, respectively
Weakest: black, NDX
As of yesterday’s close
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.