2 hr SPX and 3 hr futures charts both show overbought conditions, but wait until you see divergence on the charts before shorting. Wed/Thu are usually the weakest days on the market. I'm thinking they'll probably gap it up tomorrow, I don't see the nighttime computerz trying to fight the trend, even if futures are overbought. Market is obviously melting up, I think it needs a big exhaustion gap before we see a reversal.
Comment:
Bailed on the COST trade this morning while I was even, appears the market is melting up despite being overbought.
Until the China trade deal is announced, it's probably easier to buy the dips than short the market.
I assume a lot of these stocks will tank on earnings later this month.
Until the China trade deal is announced, it's probably easier to buy the dips than short the market.
I assume a lot of these stocks will tank on earnings later this month.
Rolled into some COST puts today only because it double topped. It's looking like the market is going to be weak the next couple of days, might help me out.