Saturday, July 13, 2024

ES Morning Update January 24th, 2017


Looks like Ground Hog day again too me gang.  Nothing has changed, it's the same as yesterday.  I'd love to tell you something of value but until the market breaks out in one direction or the other there's just nothing much to say.  So we wait some more for some kind of news event to move the market.  I'm still looking for a move up first before any move down of depth.  The need to run the bears first and their stops are of course right above the center line of 2265 that we seem to crawl back to day by the close regards of whether we gaped up or down that morning.  Stops probably go up to at least 2285 if not higher.  Run them and I could see a pullback start.

Remember that we have a Legatus meeting this coming 26th-28th, and my past study of the meetings indicated that "turns" in the market happen about 70% of the time around those meetings.  And we have the mutual funds "3 day rule" which is the last 3 days of every month.  No one knows if they will be buyers or sellers at this period but they need to "sure up their accounts", which done so they can send out a report to their clients telling them they traded the safe stocks of "whatever" to make them money.  Of course the other 27 days of the month they gambled with high risk stocks, but their clients don't know that.  Anyway, I'd think there would be a little selling then to lock in gains.  I can't see them buying up at these levels but anything is possible I guess.  That's all I have to share guys.

Author: Red

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