Indicators are neutral, not sure what the market is doing.
Guess I shouldn't have worried about gap direction and bought into teh oversold condition Friday. The premarket dumping and pumping isn't making much sense to me the last couple of trading days, so staying out for now.
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I expected the market to reverse today, just didn;t expect it to gap up so much. Oh well.
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It;s been mentioned below... Fed meeting Wed.
I expect a HUGE whipsaw, new dot plot then Powell talking about rate cuts.
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Still no idea what it's gonna do tomorrow, staying cash. Good luck
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Ooops, I slept in and the market is now doing what I expected yesterday, a gap down and reversal. It makes sense for the algos to gap it down then buy on the cheap.
Assuming pump and dump coming tomorrow. Not gonna play it because I think the initial reaction to the Dot Plot will be negative, then Powell probably pumps the market because he's a moron (or he really loves Biden or both I suppose).
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I'm on the sideline for this Fed meeting, Powell is gonna be talking about rate cuts when inflation is above target and unemployment is low. I will not put it past the village idiot to pump the market at ATH.
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The market appears to have faith in Powell's stupidity. Stupid is as stupid does.