- from the very lows prior to the current leg up, we retraced 38%...if this level holds, we can easily jump up again as these 2 days of selloff can be seen as healthy
- not any new events that dropped us today...just same talk about europe debt crisis
- after the bell, AA reported and it was in line with expectations which is more good than bad for the market
- technology still holding stronger than DIA and SPX
Bearish
- market did not get a huge kick up eod...stayed near lows of the day
- way overbought so we can definitely go down much lower.
- FXE breakdown and UUP breakout of sym triangle
- all indexes just starting crossover in SS
- VIX finally broke out of its consolidation range and go much higher
- basically all sideways patterns caused by last monday broke to the bearish side today
BUY - SELL - HOLD
- hold seems like the best decision as buying before eod or even last week was most ideal
- as markets are still in an uptrend, these pullbacks can reverse back and start a new leg to new highs at any moment
- better to have a moderate stop than a very loose one as this is a countertrend move
Weakness - financials
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