Market looks weak today, particularly the financials. All kinds of doom to go around, but the most important thing to me is the bearish candle from today on the /ES. To me, this candle suggests a consolidation into tomorrow, perhaps even a revisit to the May lows before we can rally again. Let’s see what unfolds, but for now I’m positioning around that revisit to the May lows, I have 1 or 2 small positions on to speculate now but I’m going to hold off on executing a lot of orders until tomorrow morning.
/NQ 2500 and /ES 1295 are particularly interesting levels for me to jump in.
This image is particularly fitting for today.
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.
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.
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.
The Nasdaq. AHHHHHH its over!!!!!!!! The sky is falling!
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.