The Global ES is testing the previous support. It's the 4th test so chances are high that the support won't hold. The overnight action looks like a consolidation which also imply continuation (on the downside). So all in all, bears have the ball and are attacking. The question is if yet again simply any bearish odds don't work at all? Well, we'll find out soon.
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From sentimentrader: " There have been 3 other times in 15 years that Apple stock rallied at least +2% to a 52-week high, then reversed intraday to close at least -2% lower. Each time, the S&P 500 declined at least -6.8% at some point during the next month. The dates were 7/9/98, 8/19/98 and 10/11/07. Even if we just look at 1% reversals in Apple, the S&P's decline during the next month averaged -5.2%, compared to rallies averaging +1.8% (there were 16 instances)."
It looks like another pump and dump, exactly like yesterday. Spy futures up and GLD futures down. Still short GLD with a target of 1600 where I will be a buyer. Good luck to all. jimme
GM all
According to Fast Money last night: AAPL is currently 20% of $NDX (April 2011 it was 20% of $NDX)
They called nasdaq yest asking about rebalancing rumors
nas wouldn’t comment specifically on AAPL, but they did tell FM that their trigger for rebalance would be 24%
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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koolblue wrote:From sentimentrader: " There have been 3 other times in 15 years that Apple stock rallied at least +2% to a 52-week high, then reversed intraday to close at least -2% lower. Each time, the S&P 500 declined at least -6.8% at some point during the next month. The dates were 7/9/98, 8/19/98 and 10/11/07. Even if we just look at 1% reversals in Apple, the S&P's decline during the next month averaged -5.2%, compared to rallies averaging +1.8% (there were 16 instances)."
Thanks kool!! this market just may invert and be down into the end of March. It has already inverted in February, should have been down into first week or two, but instead we got a rally, so we will have to wait and see....
VIX is getting closer to 23+.Because of the high liquidity into the mkt VIX has to get higher to offset the higher liquidity then lets see what happens..We still have to break thru 133.94 and more to get moving.
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waiting for Philadelphia Fed Manufacturing Survey it will show direction, for now is likely more down
My satisfaction always came from beating the market, solving the puzzle. The money was the reward, but it was not the main reason I loved the market (Jess Livermore)
revisit the previous low, cannot make a decisive lower low then the low was in, so key time.
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