SPY - deadcat yesterday
COMPQ - new low close
MDY - new low close...last guy to do it
RKH - way lower new low
GLD - trending back up?
FXY - bounce off support
USO - resistance holding
VIX - neutral
A/D - very very bearish
ETFs - financials horrible
Heat Map - red all around
Analysis: as mentioned in the charts, yesterday turned out to be the best shorting opportunity in weeks...definitely a textbook deadcat bounce that stopped out some weak shorts and let the smart guys pounce on the short side late in the day yesterday...fundamentally, it was a buy on the rumor by the small frys looking for hopeful talks from china and today was a sell on the news of the denial from china of a new stimulus...either way, we should have all seen it coming and thats why i was kicking myself today...anyway...looking forward, charts show that we will continue to go down as supports are all gone in the indexes so other than a day or 2 pause day or bounce, we should just keep falling...every rally should be shorted...BUT since today was such a widespread selloff with nearly everything down, tomorrow will most likely give us a small bounce or some boring pause day...that being said, tomorrow's EOD might be another great shorting opportunity going into monday...one last note...notice how defensive areas like GLD and UUP have a good chance to resume its rally...
No comments:
Post a Comment