I am sitting out, no clue what market want to do now. wait for new setup. Range day, will try to buy one more time OR sell the rips one more time. for now just chill................
My comments are for entertainment/educational purpose only. NOT a trade advice.
50% chances of double bottom here, so far it's just a range day.
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I think market will drift for a few days here. Waiting on Bank earnings and FOMC action. Especially the outlook. Numbers on the economy are just mixed enough to make two arguments plausible. Once again the Central Bankers have stopped a pullback and prevented a recession but we won't know for a while. Or this time Central Bankers have failed because without a Chinese credit impulse recession is a sure thing.
One thing is certain with all the reports of Family Offices (and Warren Buffet) holding unusually large cash levels if there is an all clear that will add to the firepower.
Trades with cats wrote:I think market will drift for a few days here. Waiting on Bank earnings and FOMC action. Especially the outlook. Numbers on the economy are just mixed enough to make two arguments plausible. Once again the Central Bankers have stopped a pullback and prevented a recession but we won't know for a while. Or this time Central Bankers have failed because without a Chinese credit impulse recession is a sure thing.
One thing is certain with all the reports of Family Offices (and Warren Buffet) holding unusually large cash levels if there is an all clear that will add to the firepower.
twc. Senor Powell speaking from the mountains today. 2pm I think. with QnA.
Got back to my desk and whoa what happened. No reason out there on my feeds for the algo frenzy. Maybe a student driver at Goldman or the Fed pressed the button at the wrong time?
It is clearly bear hunting season. Two algo bursts in the 10 point range in what is clearly a down trending day. Waiting for the after the close re-caps because I imagine we will be seeing the infamous most shorted index once again.
Trades with cats wrote:Got back to my desk and whoa what happened. No reason out there on my feeds for the algo frenzy. Maybe a student driver at Goldman or the Fed pressed the button at the wrong time?
As Bloomberg's Andrew Cinko noted, mockingly: "Don't look for news behind the move, there doesn't appear to be any."
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
For the first time today SPY is over the 20-ema 5-min time frame, even held the line on the first pullback. Maybe, with Powell talking at 13:50 ET, maybe maybe the bears are going to get much weaker here.
$NYDEC:$NYADV = 3.0x (down from 4.5> at open, weaker at the moment but still bear bias)
$NYDNV:$NYUPV = 3.5x (high was 4.5> at 1100ET, weaker at the moment but still bear bias)
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.