What a week right? As someone who does this more than a hobby this was one of the most intense weeks i've had in a while trading the markets. We had a GDP print, the largest tech CEO's all on capitol hill getting grilled (to no avail), a jobless print that's still rising, consumer confidence that's nosediving, a Fed that will literally use "all tools available" and the godzilla's in this market actually beating expectations. This was fucking crazy. And we didn't really even go anywhere, until the last hour today.
Whipsaw #7 and 8 on deck. Today we obviously gapped up and we showed relative weakness as the bulls tried to protect key levels as the profit taking was stronger than the buying. Today, again, we were slaves to the big tech companies, especially AAPl being up over 10%. There is no correction unless they come with and they let us bleed for a while. Giving everyone the false signal on the daily and weekly that we were about to have printing a descending that actually played out. And oh boy did it play out. Taking us from a on the daily to a positive close. Rescue operation to the nth degree.
In general what this could have been was funds and money managers looking at the monthly, and other metrics that they have and deploying money because "Jpow's got their back". But, it was also very convenient after a week of struggle bus.