We had a double arc recently, just like in 2008 before the 26% correction in ten days, and as I have previously posted, i think this latest rise and fall, third rounded top, is a false measured move IMO, just not sure why, but I smell a rat, someone's keeping this market a float, maybe yield chasers, no where else to go, AND IF THAT IS TRUE, and today's move down was any indicator, flash crash is very possible, or at least a flash correction 20 to 30%. Still in cash, these seas way too rocky for me, but soon, very soon... watching, waiting, for the higher volatility and volumes to indicate the new directions.
Comments
jangseohee
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all US major indices are having triangle of some sort :-)
claydoctor
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Intraday trades only right now, no body knows what is going to happen, but most think something big, just adding to the short trades, finger on the mouse button to sell. Suspense everywhere. This could be the big one, the "flash crash".
pedroscott
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there's the makings of a Perfect Storm but , no doubt, Draghbi will announce ECB QE and FED will announce no rate rise 'til 2018!! SPY will bust thru the roof and the shorts will be wearing only their shorts…..but I think not this time- China, Oil and Oil Finance, Europe, Mideast; many interlocking problems which can rapidly develop into a whirl-wind. Look for the reversal candles at the top or bottom of the trend or outside the BBands - look for confirmation and there's a lot of decent rides on the ensuing waves-I agree that intraday or maybe swing trades are better under these conditions.
claydoctor
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While we are looking at everything else, If TLT is topping, reaching overbought territory, and it turns down, may trump all, forcing rates up , yes up. Gold is the canary in the coal mine right now, watching its move up strength. Actually, hitching a ride to silver might be more profitable.