But I am contemplating just exiting for profit the remainder, because I feel according to my theory, that the SPX shall revisit minimally 2900
Disney has tumbled into the red as the market heads for a close after a MarketWatch report that a former accountant says she's filed a series of whisteblower tips with the SEC alleging overstating revenue. Sandra Kuba, who worked for Disney for 18 years, is alleging that workers in Disney's parks and resorts business materially overstated revenue by billions of dollars using weaknesses in the company's accounting software. Disney responded to the report that it reviewed the claims and found them "utterly without merit."
Chart of the Day: S&P 500 Breadth - A Week of Extremes To say that the month of August has seen a pickup in volatility would be an understatement. A perfect illustration is the much more extreme readings we have seen in market breadth. While the S&P 500's average daily breadth reading has been +/-196 so far in 2019, in the month of August alone, that average reading has rocketed up to +/-330. This indicates that we're seeing many more days where the vast majority of stocks in the S&P 500 are moving either up or down compared to 'normal' days where there is more of an even split between the number of stocks trading up or down on a given day. With the big ups and downs in the market on a day to day basis, we have also seen a big uptick in the number of all or nothing days for the market. For those unfamiliar with the term, we consider an “all or nothing day” to be one where the S&P 500’s net daily A/D (advance/decline) reading is greater than +/-400. In the last four trading days alone, there have been three, and so far in August, there have been a total of five. That's half of the total for all of 2019 so far. As shown in the chart below, though, the pace of all or nothing days this year has been quiet compared to other years since the financial crisis. From a high of 70 in 2011, the current pace for this year is just 16, although as the last few days illustrate, they do tend to come in bunches. In today's Chart of the Day, we looked at these recent extreme all or nothing days and noted two reasons why they stand out even more and highlight what it potentially means for the market moving forward.
whelp, earnings season is pretty much done, but now come the retailers coming out during these next 2 weeks...and there are quite a bunch to list.
My trading theory says that if the SPX collapses again non-above 2900, it's a buy zone! So, if that happens, I shall enter again long!
But, it sounds like the key determinant now is the FED--so, I shall see what happens in the next day or so before thinking about what to do--but non-above 2900 is a buy zone, as I've mentioned, according to my theory [non-above 2890 is juicier for a bull]. But, of course, interpret according to the type of trader you are [I am more of a 2 day to 2 week swing trader]. And, of course, have a trading plan!
The SPY volume at 29 million at 10 a.m. PST. Halfway point for the day. Not much volume on this gap up and rally today--but Fed catalyst can do anything here. One of the reasons why I decided to exit all and profit take on this gap up
Pretty mild reactions for stocks after the FED Minutes, now let’s see what Powell will say at Jackson Hole on Friday
