wow look at LABU, wow....uh...i wish i could sell today and take my gains, but i have to wait 3 days for cash to clear, oh man i hope we dont have a huge gap down tommorow.
Ain't that the truth. 4 days after the shocking vote and US markets are only down around 2%. Janet Yellen moves the market more than this by changing a single word in a press speech. C'mon man, this is Brexit baby!
I'm thinking this is a dead cat. Chase out the shorts then drop the hammer. We still have lower lows and lower highs on the SPX. Also I'm watching the trend line right around 2070 spx on the daily expecting that to become resistance starting tomorrow after the fake break out. The dollar is still stronger and that will hurt corp earnings again. I kinda expect eom selling tomorrow as well.
Trend for the day is still up, buyers pushing to new highs on the ES here. If we do not sell off by tomorrow afternoon, I shall be extremely surprised!
yea 2072 is my resistance line, if we close above it today and tommorow, then i can consider that a shift in trend back to the upside. if we cant close above it, then the downside prevails imo. its always hit or miss, although the only miss i have had so far was DWTI. been swing trading NUGT for the past couple months, it really tests your mental strength for sure, lol.
whelp ill be damned personally if the /ES were to make a full 100% retracement move back to those pre BREXIT ETH highs anytime soon ... clawing it's way back slowly but surely ... never count this market out ... but still feeling DCB here ... we'll see
If this rally holds ground into Friday then in imo that will be the last straw for sellers. The flux of the panic selling and panic covering will create the upside force needed to break out of this range. Essentially it translates to the market flushing out its weakest holders.
I was just thinking the same, It could create the big squeeze and then the exhaustion gap we have been talking about all year as well.
The banks are mosth up after hours after the stress test, we will see how they do when the market opens tomorrow
@Cy, and they don't have one stretcher or emergency worker/vehicle anywhere nearby...poor dude he's a ragdoll at the end.
If we manage to take out ATH on the SP500 then I am closing out all short positions, otherwise I will continue to increase short exposure the higher this thing grinds. I would imagine a lot of bearish investors are of a similar mindset. Not buying this mini 2 day rally. Volume is much weaker on the way up then it was on the way down and huge amounts of cash are flowing into negative yield bonds. Still at times like these I am reminded of the old quote.. "Markets can remain irrational longer than you can remain solvent."
agree the rally is fishy, but the old volume argument is a played out one to me, i hate that argument. cause when the market has a huge selloff, of course the volume will be higher, people are panicky and trying to get out. just think of human nature, would you be in a hurry to save your capital or spend it? imo if the market ever goes higher on more and more volume, that should be a red flag to you that the move higher is almost done.
Agree with pretty much everything you said. In large volume sell-offs there can be strength by interested bulk institutional buyers. For the market to immediately whip back and recover all the losses in 2 days is not something you see out of selling strength.
