I think the low is in now. We should rally back up some the rest of the day but not huge. The short term charts are still bearish. We should certainly close the day in the negative but probably up some from here. Then Tuesday we could (should) go down again in the morning to retest today’s low (should make a slightly higher low but not guaranteed of course).
Then I could see a rally start the rest of the day as we all know how trick “Turnaround Tuesday” is. I’m out of all shorts now and will wait for another setup to go short or long… whatever the market gives me.
Last week I was very bearish thinking the market topped at the prior high of 2011 but we made a new high so now I’m neither bearish or bullish on the bigger picture. I’m just playing it day to day until I get a better read on the charts. I will say that we could still go up to the FP on the NYA of 11330 before topping (as hard as that is to believe… LOL).
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I think the low is in now. We should rally back up some the rest of the day but not huge. The short term charts are still bearish. We should certainly close the day in the negative but probably up some from here. Then Tuesday we could (should) go down again in the morning to retest today’s low (should make a slightly higher low but not guaranteed of course).
Then I could see a rally start the rest of the day as we all know how trick “Turnaround Tuesday” is. I’m out of all shorts now and will wait for another setup to go short or long… whatever the market gives me.
Last week I was very bearish thinking the market topped at the prior high of 2011 but we made a new high so now I’m neither bearish or bullish on the bigger picture. I’m just playing it day to day until I get a better read on the charts. I will say that we could still go up to the FP on the NYA of 11330 before topping (as hard as that is to believe… LOL).
It’s certainly should make investors uneasy I’d think…
Yes, I bought put a day early but I’m happy I’m short.
CBOE skew index (black swan event predictor) is at 52 week high………actually over 3 year high….
Red – Good Call!
Are/have you bought puts ?
to go long market
Possible FP on the SPY of 202.45… which we could hit on some rally up right after Alibaba goes live.
Buy zone for what? The TVIX or some long on the market?