Stock Market Today: October 8th - 12th, 2018

The $TICK showed 1028. Institutional buyers are starting to buy

 

The collapse yesterday happened on vapors. No catalyst. It's a mirage. My theory of how all of this works suggest what I just said.

 

Energy biggest loser today... Figures... Oh well, felt good to be right for a couple days

 

Big retail holding strong... Automotive retail even stronger

 

bout some AMD near the close yesterday, well more like i put in a order for $25.08 and was shocked it got filled lol.....market tanked hard near end of day yesterday while i was away

 

SPX 2745 to 2783 now. $TICK hit 1127. Institutional buying taking place

 

For today's bullishness, I think the bulls need to rally the SPX above 2785 sometime today and ideally close above it

 

And then work on breaking above 2800 and closing above it tomorrow

 

Looks like the SPX is gearing up for that push above 2785. Post comment: Nope. Not enough there. But it does look like today may be a ranging day.

 

Wow gold up well over 2% today Haven’t seen gold acting as a safe haven trade for awhile

 

Well it is another volatile day and the market is close to LOD once again. Utilities, real estates, and staples outperformed for the last few sessions but they are joining the sell off today

 

SPX just up about 3% YTD, now another green year isn’t such a sure thing anymore

 

Wow. A continual collapse. But the SPX shall rally at some point.

 

Ok. For a bullish day tomorrow, the price action, according to my theory, has to close at or above around 2750 today. POST COMMENT = We just hit 2750. But a close is important at this level or above. POST COMMENT #2 = Looks like that collapse to 2710 never happened. The price is at SPX 2758. It was a pathetic momentary collapse but a strong buying opportunity. I added another LOT long at 2715. Averaging in for the a swing trade, as I've mentioned many times.

 

If the SPX closes above 2750 today, the next key task for the bulls tomorrow will be to rally the price above 2800 and close above that. We'll see. POST COMMENT = It's a fight here for that 2750 level between the bulls and the bears. At 2748 right now with 20 minutes left for the day.

 

IWM in correction territory. NASDAQ was in correction territory earlier today

 

Banks earnings tomorrow, let’s see if they will be strong enough to calm the market down a little bit

 

Maybe initial reaction will be weak, will need to see how it finishes up.

 

SPX close 2728. Not as strong a close as I'd like for the bulls. But, as the immediate rally from 2710 tells us, we appear to be hovering around the floor of the broad range. Whatever the case, I expect, based upon my price action theory, that the price shall test that 2870 level and if anyone purchased anything non-above 2850, shall be profitable, if they hang on to what they have. At around 2870 level, as I mentioned before, a person could exit all or partial positions for profit taking.

 

OK, I wonder if we will see the "Market in Turmoil Special" on CNBC after the last 2 days