SPX has hit a ceiling today and you should see a sell-off soon. The sell-off shouldn't be too bad if we bounce off a good support once we come down.
Common sense should tell you to not chase any higher at this point unless we break through higher.
You'll be able to get in at lower levels.
It's not too late to short. The sell-off will continue tomorrow unless we turnaround in a big way in the last 9 minutes which I seriously doubt. I'm referring to the market and not just Apple.
Enjoy the ride down. There is minor support below, but I don't think we'll bounce off the minor support level. There's more pain to come if you are long. If you are short, hang onto your short. If you aren't short, it's not too late to short.
We may have a little bit higher to go on the SPY. Also, volatility has a little tiny bit further to go on the downside.
I think we may hit resistance on the SPY today and also resistance on volatility today if the market continues to tread higher. If we do, then get ready for the market to head south again after the July 4th holiday.
Get ready to short the market next week if not by the end of the day. If nothing else, close out or trim your long positions or hedge if/when we hit resistance on the SPY.
Keep your eye on the capital outflows from China which will likely be affected by the Brexit. This is critical. If they increase to unsustainable levels, prepare for the BIG crash. This may take months or even years, but it's a very important metric to track.
The SPX broke key levels late today and if this level holds, a rally back would only be short-lived because of the ceiling that has been created.
The fear in Greenspan's face tells it all. Don't trust the next bounce back as it will likely be a dead cat bounce.
Folks in England will wake up to a big surprise.
Black Friday is coming. You've heard it from me now, but you could have heard it from George Soros much earlier. George Soros is definitely a guy to follow if you don't already.
Don't trust the polls. It's just too close to call. There are margin of errors to consider with the polls and many are still undecided.
If folks are out there trying to convince you otherwise, it's because they are trading in the direction of their opinion and want you to join their beliefs to make themselves feel better and more confident about their side of the trade. No one knows at this point how it will turn out.
So, with that said, box your positions and even though you may miss the one-day gain, you will be able to get in or out when the market gives you the right opportunity.
If you want to gamble, then go right ahead. It's like picking red or black. Good luck.
GOOG broke through a robust resistance level today. I don't think it will retract to that level today.
So, the good news is...wait for it...
The next major resistance to the downside is nearby. It may take an additional 10 points or so to the downside to get there, but once we get there, that is a major bottom.
Close your eyes and buy when it hits the next resistance point and build your pyramid. Remember, that next Thursday...the market may go wild and a day or so afterwards. Then, if the market does tank, the final layer of your pyramid can be created for not only GOOG but many others.
Forget about Apple. It's time to buy Chipotle (CMG) now unless you don't believe in the burrito.
CMG is very attractive at these price levels. If it breaks lower, sell it off as it may still be in the bottoming process. I would buy it here and place a stop loss about 5% lower.
Here's my post from Feb 5th, 2016. If you had bought it around $101, you will have realized a good gain.
Forget AAPL, Buy LNKD Now
by coolstarsky • Feb 5, 2016 10:32 AM Remove
If you believe in the long-term LinkedIn story, it's time to buy LNKD now.
Thank me later.
If you took in this advice in Feb2016, you will be laughing all the way to the bank as Microsoft has agreed to buy LinkedIn.
Apple stock has just intraday hit support on the downside. It may bounce from here or break through on the downside. This is when to put in a buy if you want minimal risk. If it break through on the downside and holds, then you would obviously sell it and cut your losses.
This is for short-term traders only.
Apple stock still has a bit lower to go before it hits resistance on the downside. I would say it has at least a dollar or two to go lower before it hits resistance. I will keep an eye on it.