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Gap up above yesterday's high so the gap might not be filled.
Global ES rebounded sharply from an important support. Looks strong, so chances are at least it'd be 2 legged. Jackson Hole speech at 10am by the way, hopefully we won't see roller-coaster at that time.
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Chicago PMI at 9:45 and consumer sentiment at 9:55 and factory orders at 10:00 ET
The main event: 10:00 ET Ben
I don’t see Ben on the cspan schedule today...CAN SOMEONE POST A GOOD LINK TO BEN PLEASE, thanks http://www.c-spanvideo.org/schedule
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Momentum Block Update:
Euphoria in the US market is obvious from this table and is not supported by the rest of the world. Today is going to be fun day for both Bulls and Bears!
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INVN is starting to look good at $12.Has had a good pull back to support but still could pull back to the 50 dma which is now very close.This stock could go back up to test the 22 hi and may be a good swing play on the way up..Anyway watch it,who knows,it may be a buy at anytime..VELT was doing good bouncing off the 50dma then turned dn to retest the 50dma again and now may head up again.Still may be a good buy.This is all I have for now.GTTA
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Market Neutral.
My composite technical trend signal ticked to sell at the close yesterday.
It is a problem though because it was driven by only the price components of the model against what has been a flat market.
So, a solid up day today would probably flip it back, turning this into a bear trap. I think this signal needs a bit more development.
Nonetheless, I'll take it as another sign that a turn in trend may be near if not here.
With the overnight rally and to somewhat honor the sell signal, I hedged at a reasonable price in the pre-market this morning.
I have no idea how things will go today. So, neutral is low stress and avoids guessing.
An up day may be good for the bears down the road, and a down day could be a good set-up for the bulls.
Really hard to tell.
I'll be watching the close today closely, but it too may be fuzzy (I think the futures close early.)
I think technical study will have a lot more to say by mid to late next week.
That huge spike in ES in pre-open would have shaken off many shorts. These HFTs are something. A well timed spike and the stops pop taking the market to insane heights. Well, Ben opens his pie-hole