A while back I mentioned the 2 hrs SPX chart, well here we are. MFI divergence and RSI overbought on the 2 hr chart. I expect a bounce down soon...
Almost all cash, can't short a market while it's still melting up. Will buy the dip if the market tanks on the Fed...
Almost all cash, can't short a market while it's still melting up. Will buy the dip if the market tanks on the Fed...
Comment:
Bought GM and XRT weekly puts yesterday before close, I figured FDX earnings would suck and the market would gap down either way. Flipped them this morning, nice gain on GM (trades with transports and indices so it's a cheaper way to play the market sometimes).
I think the market is done tanking until the Fed announcement at 2. Out of the market until then.
I think the market is done tanking until the Fed announcement at 2. Out of the market until then.
Whether or not we get an extended drop depends on the Feds tomorrow.
I should really trust my chart read.... if only I bought puts instead of posting on this site, lol.