hungry_hippo

Market Overbought

SPCFD:SPX   S&P 500 Index
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.
Apr 02
Comment: Index and futures are rolling over from an overbought condition, but I expect one more pop up before any sort of tanking.

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.
Apr 03
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.

Comments

Yea I seriously doubt any serious selling will take place while negotiations are taking place... the day you see massive selling while they're negotiating is the day this rally is over.
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hungry_hippo chinawildman
@chinawildman, yeah, I warned you a while back... the market can get really pumptarded. I have yet to short anything for more than a couple of days, this market is scary.
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