ES 2827 is showing how important it is as the market round trips back to this level. Waiting for power hour to see what the big guys will do, but bulls were looking good until they failed at the overnight high which lead to a 10 point decline and it only took 30 minutes.
When Other Time Frame investors, including especially Goldman's corporate buy back desk and the Swiss National Bank are out of the market it seems to trade the way we expect. The previously mentioned and others are not interested in trading, they have totally different objectives and very large accounts. In the case of buybacks remember the sign in the office that says "the Boss is always right".
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Atlanta Fed GDP NOW seems to start the quarter at the top of the range and drift down as more and more numbers come out. Still, that is a heck of a start.
The ever obscene Trader Tom Dante (London based currency and coaching) twitter feed "I keep telling this idiot at the Lamborghini dealership that this is just a pullback in BTC - there’s no need to repossess my car"
JPM’s “Gandalf” is back:
“… we think that the …[recent market selloff]… was not large enough to trigger broad deleveraging. Equity price momentum is positive and trend followers are not likely to reduce equity exposure...”
After quite recently saying that 2.75% in the 10yr Yield, he now says “…We believe one should not look at a specific level of bond yields in isolation from the level of economic activity and positive catalysts such as fiscal easing. We think that the current level of rates do not yet pose a major risk for equity multiples.”
"In terms of timing market downside risk, we would be more concerned about the period after the Q1 earnings season, when fiscal reforms are likely to be priced in and central banks make further progress on the normalization of monetary policy."
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Trades with cats wrote:....."I keep telling this idiot at the Lamborghini dealership that this is just a pullback in BTC - there’s no need to repossess my car"
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Another trampoline bounce at the opening print or is Cobra's dream happening? With that 30 year bond rate it seems sell off into the close would make sense. 1. Day trading bears got stopped out so no big profit all day shorts. 2. Who would be buying ETF's today, we are not at all time highs.