I'm looking to hit a new high during regular hours and hopefully soon, and hit the upper band on my megaphone pattern and then reverse.
I am guessing that the market will remain pretty choppy until Trump delivers his speech. Futures could be fun to watch on Tuesday night
Dan Eric's wave count: Please note that this is by no means a predictor of the market, just one guys thoughts based off Elliott Waves
This isn't Trump's rally. But it'll sure as hell be his crash. At least according to anyone who is a partisan.
This isn't going to plan. I was hoping to run up to 2371 early today so we can have a nice long daily whick. This long time here is telling me price acceptance.
Here are a couple of the companies coming out with ERs after today's close and before tomorrow's open. After Market Close today: ($PCLN $EXEL $FTR $WDAY $HTZ $KTOS $NVAX $CPE $THC $EOG $JBT $PRGO $NTRI $OKE $OKS $NSA $KRA $ALB $SFR) Spoiler: CLICK HERE FOR THE EARNINGS TIMES & ESTIMATES! Before Market Open tomorrow: ($VRX $TGT $DPZ $ENDP $AZO $IONS $LNG $DDD $NRG $CEMP $AMRN $USCR $BNS $CNP $FRO $QVCA $STAY $BMO $INCR) Spoiler: CLICK HERE FOR THE EARNINGS TIMES & ESTIMATES!
VIX is up to 12. Hedgers are busy. The guy on Fast Money (Guy Adami) keeps saying he thinks it'll hit single digits. Imagine what the market will be like if that approaches.
VIX to single digits? Its been a long time! I did not think I would see it again, but Ill believe it if we keep on going this way.
Zero Hedge tweeted out today, "The Dow Has Never Had A Longer Streak Of Record Closes... Ever" And I thought, we need Cy on this, stat!
Well, we hit my trend line perfectly with the high of the day today. Which is good. I'd much rather have it it early in the day and then headed down. If my megaphone pattern is to hold, we should now head back down to the bottom trend line. If we go back into all time highs after hours tonight? Then we can probably forget the megaphone. Maybe the market is planning a flat day tomorrow with a major sell off after Trump's speech.
No. The 12 consecutive record closes for the DJ30 today TIES the record that was set in Jan. of 1987. IF it closes higher again tomorrow though that would indeed be the longest streak of record closes consecutively in the history of the DJ30.
yea he keeps saying it, but the way the market has been going, it sounds believable, but every time the market rallys people get scared and buy protection, so it may never see single digits lol.
I gotta say, I really liked that close. I went from deep red today to solid green just on that close. I'll be a happy camper if my megaphone trend line ends up being spot on.
Interesting bit a stat here but did you guys know that the last 50 trading sessions, the SPX average percentage spread between the intraday high and intraday low has been 0.540%. Going back to 1983, when the database of intraday data began, there has only been one other time where the SPX's 50-day average intraday range was narrower. That was back in early February 1994 when the average range got to as low as 0.539%, so the current narrow range is close to an all-time record! But wait there's more! Barring some big intraday move tomorrow (greater than 1% on an intraday full range that we haven’t seen since mid-December), the SPX's average daily range will drop below that record low of 0.539% that has been in place for nearly a quarter of a century! Pretty amazing too when you consider that this period of low intraday volatility comes during the midst of a presidential transition, which is often accompanied by a period of increased volatility, especially when the outgoing administration has been in office for 2 terms.
I find it interesting only insofar as I firmly believe the only reason it's happening is because it's going to crash. This is the cocaine high right before going cold turkey. It's going to be violent and painful and blamed on Republicans. As a matter of fact, I've been seeing more and more the market stats at the beginning of Obamas presidency and end. Without any context, it's spectacular. We had just crashed and we pretty much did nothing but go up for his entire presidency. That same exact thing will be used against trump. High at the beginning, low in 4 years.
I'm looking for this to head back down to the bottom of this trend line. Which isn't really that much of a sell of. 20-30 points, which seems huge in the current atmosphere, but in the scheme of things, isn't much. Then maybe we head back up to 2400.
