Algos did another pump and dump, indices and most major stocks show MFI divergence on almost every time frame up to daily. There's simply no money flowing in, it's just futures pumping. Not expecting the market to bounce back today.
Powell speech at 10 am EST tomorrow, expect a huge whipsaw after open tomorrow. If he implies that the Feds are NOT going to cut rates in Sept, you'll see the markets tank in a hurry and the dollar will sky rocket. Keep in mind that the market already has a Sept rate cut priced in.
No index positions for me right now.
Powell speech at 10 am EST tomorrow, expect a huge whipsaw after open tomorrow. If he implies that the Feds are NOT going to cut rates in Sept, you'll see the markets tank in a hurry and the dollar will sky rocket. Keep in mind that the market already has a Sept rate cut priced in.
No index positions for me right now.
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Really strange, market melting up on no money flow at all, looks to me like it wants to throw another doji. Gonna stay out of this today.
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Computers still in pump mode, expect a gap up tomorrow and a tank on Powell's speech.
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Boy these computers are good at whipsawing the crap out of investors, I would've figured a doji finish which is where we were at right until they hit the sell button 5 minutes before close. 10 pt drop in 5 minutes, guess I'm not the only one that expects POwell to tank the market, lol.
No idea which way the market gaps, but probably a gap fill either way before the Powell speech.
No idea which way the market gaps, but probably a gap fill either way before the Powell speech.
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Algos pumping futures as usual though it looks a bit like a diamond top. In any case, it's always up to the EUros to decide the gap. Futures were in the red last night until a few hours before market opened.
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Futures up 10 pts, look how little money it took to get there. So little volume compared to market hours, it barely even registers on MFI.
This is why the market is so overvalued, it's just really easy for the big boys to pump the market with futures. Fundamentals mean noting when they can pump up futures at will.
We'll see what happens when Powell speaks tomorrow.
This is why the market is so overvalued, it's just really easy for the big boys to pump the market with futures. Fundamentals mean noting when they can pump up futures at will.
We'll see what happens when Powell speaks tomorrow.
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13 pts now on lower volume than usual, volume is so low MFI isn't even moving.
If Powell doesn't tank the market tomorrow, we're probably looking at a melt up until the Fed meeting. Computers pumping futures at will now.
If Powell doesn't tank the market tomorrow, we're probably looking at a melt up until the Fed meeting. Computers pumping futures at will now.
If you want to go long on the market, I would wait to see what he says. Preliminary indication from other Fed members is that they are not inclined to cut rates in Sept, but the algos appear to be ignoring it for now.