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Overnight volume was 3x typical. Asian markets sold off and then London/Frankfurt traders sat on their hands. My feeds say it was all caused by adding health care to the tax bill.
I was upset yesterday about the bots taking me out of my day trade. Any thoughts I had about not using a stop loss should be set aside after this morning!!
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NYMO has been in a decline since September 1 while price has marched relentlessly higher until the last few days.
All models are wrong, but some are useful.
I have not posted NYMO for a while because it has been absurd.
Today is noteworthy however, because NYMO has reached the Turn zone.
The oversold zone is still a ways below, but it is fair to start looking for a turn up in the days ahead.
It would not surprise me to see a bounce followed by a lower low tag of the middle keltner with a positive NYMO divergence at some point.
Some key down gap targets are being hit this morning. We now have additional targets above and below.
I have been short the Russell 2000 for a while having scaled out and with just a runner on now.
I missed an SPX short entry Monday night that would have scaled back this morning.
Next trade could be long or re-loading short a bounce.
the rebound should fail. don't expect another reversal up day again. but well, never underestimate the power of bull side...
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Should be another lower low coming in few days, will consider a buy there.
I see no bull worries until sp crosses 2507 on the down, then maybe a bead of sweat from bulls..