Because the whipsaws are coming. The trick is not taking one, or multiple to the face.
The amount of macro, earnings, and news we have this weekend is pretty extraordinary.
Starting tomorrow we have:
Consumer Confidence numbers
Wednesday we have:
FOMC meeting and press conference where JPOW will again try and not step on his dick
Tech CEO's visit to Capitol Hill
Thursday (the main event) we have:
Jobless claims
Q2 GDP
AAPL, GOOG, AMZN, and FB earnings
And a slew of other peripheral economic data not to mention the bulk of Q2 earnings this week.
Should be eventful.
So yesterday and today we did get positive stimulus news that gave a decent lift to the market last night and into this morning, but with mixed signals and earnings going on we did see some sellers enter just before open. We ultimately gapped up, and then sold into the same day gap with a bullish move from there almost straight up as all markets were seeing buyers. We then almost completely reversed as the people who played that rip all seemingly closed their positions with IWM leading to the downside and XLF also showing weakness. After that it was almost a pure algo pump all the way till the end of the day where some more buyers decided to jump in and pump us back to above the breakout area. We literally tested it twice perfectly and were rejected but not convincingly. But that is notable.
The amount of macro, earnings, and news we have this weekend is pretty extraordinary.
Starting tomorrow we have:
Consumer Confidence numbers
Wednesday we have:
FOMC meeting and press conference where JPOW will again try and not step on his dick
Tech CEO's visit to Capitol Hill
Thursday (the main event) we have:
Jobless claims
Q2 GDP
AAPL, GOOG, AMZN, and FB earnings
And a slew of other peripheral economic data not to mention the bulk of Q2 earnings this week.
Should be eventful.
So yesterday and today we did get positive stimulus news that gave a decent lift to the market last night and into this morning, but with mixed signals and earnings going on we did see some sellers enter just before open. We ultimately gapped up, and then sold into the same day gap with a bullish move from there almost straight up as all markets were seeing buyers. We then almost completely reversed as the people who played that rip all seemingly closed their positions with IWM leading to the downside and XLF also showing weakness. After that it was almost a pure algo pump all the way till the end of the day where some more buyers decided to jump in and pump us back to above the breakout area. We literally tested it twice perfectly and were rejected but not convincingly. But that is notable.
