By the Nasdaq lately.....It looks to me this thing doesn't have any support until 2050...the october lows....
Glad I am not in tech.....sheesh....
FWIW, sold more of thr FRG today....only two buys left....hoping for another pullback to $4.50 to load up the boat...
I actually bought a tiny bit of Qs at 38.21. And the futures are now green by a smidge.
If no one wants to buy, I believe the shorts will at least cover before the weekend. On top of that, THEY HAVE to create a rally before the weekend. You don't want everyone to be in a bad mood for the holiday. Q 39.50 by Friday.
The S&P closed right on the 200 Day. You may have already mentioned that. It should be defended.
My thought on a big down open is to buy some DIA calls. There is support around 108.5, and a big down could get us there fast for a V bounce. Many funds have to remain in stocks no matter what, and the big industrials are where that money should settle.
goba, this is serious throw-in-the-towel stuff in AHs. If we get a big down open tomorrow, I will actually buy some tech.
The commodities pulled back after an explosive open, but at least the stocks broke the trendlines, which is more than we can say for the Qs.
The market is crying uncle. It's hard to see the Fed raising rates. Consumer confidence? The average consumer sees prices going up, stocks and houses going down. Hard to have much confidence with that.
I used to trade the Canadian Bank TD, but I haven't done that in a while.
Consumer confidence down 2 points according to ABC/W.Post survey released after the bell. DIA and IWM are dropping big, too. This is fuel for a Fed pause, so maybe another strong jump in metals and oil tomorrow. BTW, anyone looking at Canadian banks? Specifically, BNS (Bank of Nova Scotia). It reports in Canadian dollars, has expanded aggressively in Latin America and Asia and raises the divvy. I'm looking at it as a very long term trade on a weak dollar.
Tomorrow might be the last pound/reverse hammer to complete wave 5. From there we should see
a-b-c with some strength.
We're almost on a longer-term trendline and
we're oversold. If we don't bounce from here,
we might have a big, nasty crash.
I think there are number of programs positioned
long just about now. If they have to revese
positions, we might get a non-linear breakdown.
I would not want to hold ANY stocks if that happens. Puts and futures with tight stops is the way to play.
My bet is we are going to bounce a little after
a brief dip.