THE SHORTS
So here we go - 50% retracement from the morning high at SPX 1290 and yesterday's low at/near 1260- Yes 1275- so another interesting place to get long and if you want another variant view check Dougie Kass's latest-
Seem's like a lot of pretty smart folks looking for a bottom near these levels and I put out my thoughts yesterday on a current trade.
posted by DAVID at
12:46 PM
3 Comments:
This is not a bottom yet... Is going to fall further... why $VIX is not capitulating, yes alots of trader are talking about that. But my view is that this is a slow grind (chinese torture) down and we are not at a bottom yet so no capitulation. So not that we will bounce higher, but just a little bounce and more down side to come. Look at QQQQ and IWM outperforming both SPY and DIA to the downside of late... It's just a reset so those (QQQQ,IWM,$DJT) can catch up to the downside. Yesterday $DJT sure didn't have a reversal day, and today it felt more! IWM, already made a lower low and already invalidated the reversal... so more downside to come until SPX take out Jan/March low...
YOU MAY BE RIGHT5 AS CRUDE CRUSHES US AGAIN AND CHECK THE LA AIRPORT
As I stated before, if there is going to be a sustanable bounce, is going happen at lower level... and as I stated above, we might just take out the low tomorrow... might be a perfect storm tomorrow... Higher Euro rate which crash the USD and Oil shoot up through the roof and a bad job report... Gap down and no turn back...
Post a Comment
Subscribe to Post Comments [Atom]
<< Home