MFI is getting close to oversold. Something to keep an eye on.... probably hits oversold before open tomorrow. FDAX MFI is overbought, so I wouldn't want to hold a long position overnight.
Still bearish on small caps because of retail sales numbers Friday. Maybe we get a counter rotation from small caps to tech. So much whipsaw, lol.
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There will be no new news in the Fed minutes, yet the market will move big anyways. Whipsaw in 6 minutes.
Fed forecasting a mild recession, market trying to pump it anyways, lol. EOD action might be more focused on unemployment numbers tomorrow.
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REally odd, usually the market tanks the moment the Fed says recession, lol.
Went lightly into some puts
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Well we got a drop, only about half of what I expected. I guess everyone's ignoring the village idiot Powell, lol.
ES and NQ MFI now touching oversold, dumped my puts. Gonna stay cash in this stupid whipsaw market.
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Higher unemployment claims is good for the economy, lol. Everything rallying because MFI went oversold.
I'm staying out and buying XRT puts EOD to play the retail numbers tomorrow.
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Such a strange market, even during a bull market higher unemployment usually tanks the market. this looks like an algo pump with no follow through by retail investors.
Regardless retail numbers will suck tomorrow, bought some XRT puts for next week while it was green
Some dude at Piper-Sandler said that he thinks it's "trendlines over headlines" now. That'd be an interesting world to play in :) But I'm not sure I believe it. It sure worked today though; couple of indices oversold and several great stocks were sitting on their lower weekly expected move. I should have seen today coming. AAPL came out of its overbought condition on the 1D candles in a pretty big way yesterday and turned around and is heading right back that direction today.
jordandotdev
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What a time to be alive... feels like investors are just waiting on whatever "crisis" will trigger rate cuts and QE... earnings estimates haven't really come down (?) I always have a hard time finding a good 'trackable' source for how these move up or down. Also appeciate your pointing out to watch commodities for indications of what might be happening with inflation ... I'm watching oil creeping back up and thinking about ramifications if this is a sustained bounce
jordandotdev
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@jordandotdev, and look at Bitcoin - everything just feels like there is still so much liquidity in the system!