The daily chart of the Nasdaq looks ugly! Jon, the daily chart of the Nasdaq looks ugly. Ugly as in bearish.
P.S. this is a hint for you to find premium and let the market come to you, not to trade directionally just yet.
The markets are dragging ass this morning and I have nothing constructive to add so I wrote this poem, some of you may remember it from your childhood.
It’s raining, it’s pouring
The old man is shorting
He went to bed, got some head
And woke up WAY richer in the morning.
Look at that, an up day in an up trending market, imagine that! Let see what happens when we get back to the 30 day SMA. Until then, lets let the scalpers have their fun until someone pushes the drama button.
Big sell off yesterday, woke up to the futures recovering significant losses yesterday. Remember old support becomes new resistance. Be careful trading, this is getting nasty. Nasty like Sarah Jessica Parker.
Have a look:
See that nasty horse like resemblance? It’s ugly, it’s nasty, and it will buck you if you are not careful. Ugh. What a face!
Market is pausing yet again to start the day off today. Dow is down about 100 and the Nasdaq futures are off about 1% as well. AAPL is crashing the whole marketplace down 5 bucks. Sky is falling really.
Let’s not freak out. Support is near. Have a look at some of these charts, take a deep breath and remember that a market pause in an up trending market actually means risk is being taken OFF of the table. T
Ill be back in to AAPL at 621. Also looking for a nice setup on SPY.
SPY. The 140 ish area is looking like a good area for some spreads.
My thoughts exactly:
And just for some color. The last 10 days of the S&P from 2010 – 1987. 14/10 ended the year on a higher note.
Side note: I’m doing a really shitty job and this daily routine thing. …Must clean out life!
Peter Tchir, of TF Market Advisors, said it best today: “I can’t get the Amy Winehouse No No No song out of my head. No ECB. No IMF. No Fed. No PSI. No balanced budgets. No QE.”
Bong full of hopium Europe/Fed.