but i certainly wouldn't short here. this market needed to drop 200+ today. the lack of fear on a terrible jobs number is worrisome for the sp500. i think next week is down big, especially at the end of the week if sp1550 cannot be regained today or monday, and wfc reports #$%$ on friday.
Sentiment: Strong Sell
Man ! You said what was on my mind. However, it seems that they are bringing i back to a normal down. Who knows it may close green unless they are tricking people to get in. To me, it doesn't make sense to get in; rather, people with UVXY and the likes may be on the right side. Who knows what happens during the weekend????
JC: I am not sure if I agree with it or not, but here is my views. You might disagree, but want to see u r view.
Next week, monday, tuesday we will have housing number, which wont be that promising, but weak may be. AA earning should be disappointing to start, but again they already reduced the estimate. Also retail investors are not completely sucked in (they are the last ppl to be sucked in as always, stupid!!), so I think still there are some bulls left to go S&P 1600 nearb.... Of course I am in cash, but my guts says it wil g a lil higher before falling from the mountain like a rock... But anyway no matter what UVXY wont be rising that fast, it will show the promise in intraday, but eventually wont follow the market, so UVXY will not rise cosistently (besides some pop)... Just my 2 cents.
again, i keep it simple. the news usually ends up being used to justify whatever move is made. that's why people get frustrated when a bad jobs number sends the market up one month and down the next month. simple chartology...the trend was broken this week. sp1550 needed to hold. the rising wedge is an important indicator that is almost always seen before 10% corrections. it may not be the huge selloff everyone is waiting for, but i think it's more likely than not correction time. throw in the sell in may folks, and i just don't want to be short uvxy here. i actually shorted xiv and bought puts on spy today. small positions, but i think this is the time to play the other side...not a strong conviction though.
Sentiment: Strong Sell
It seems those that have invested in the market, truly have no fear. With all that is happening, they may not be too smart, also. Maybe that is why it doesn't selloff, they are all alike. When there are no more buyers, they will stand alone, not making money, just looking at it on a statement. Eventually they will lose it. It's a YoYo.