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I see 3 push down so some chances the low was in, usually there'll be a lower high or slightly lower low test as illustrated though.
Flat open so likely it's a range day.
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Market moved back up to a safe level of 4520. Do we oscillate around here for an extended nothing or will something happen between now and quarterly options expiration?
It is clear that the Fed is saying what the bond market wants to hear but can they do it if Biden's super massive spending plans fail to pass? Bond market is already kinked around projected date for government shut down. Looks like a good time to lay low and let conditions clear up.
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Some chances of double top. Breakout to the new day high with good looking bull bar in the next, say 7, 8 bars then it's an uptrend day.
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Nice write up on Gamma unclench at zero hedge thus morning. Bottom line this will be a major options expiration so expect stuff to happen. Piggybacked on top of Fed meeting and Speaker Pelosi negotiating a mine field.
Should be a rebound here first which likely would be sold.
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Leon Cooperman, a "fully invested bear"
says on CNBC:
"There's no stabilizing forces in the market right now. When the market goes down [“when it's least expected”], it'll move so fast your head will spin. It's all algorithms."
[Cooperman is a 78-year old American billionaire hedge fund manager. He is the chairman and CEO of Omega Advisors, a New York-based investment advisory firm managing over $3.3 billion in assets under management, the majority consisting of his personal wealth.]
zh opines that because Cooperman only handles his own personal wealth, he doesn’t have to cater to anyone, thus shoots from the hip
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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Probably it's a measured move down but I don't believe the 100% target, somewhere in between.
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KEY SECTORS
I have to use RCD equal-weighted discretionary because XLY is still overweight AMZN, TSLA and HD
But stockcharts doesn’t keep RCD (pink) updated to the minute
30m
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.