hungry_hippo
Long

SPY January Melt Up

AMEX:SPY   SPDR S&P 500
Hey look, we're melting up again. I told people last month that you can't fight the outflow of money, well, you can't fight inflow either. Money flowing back into 401k and mutual funds because it's January. And tomorrow is Friday when money poors into 401k plans.

If you're bearish like I am and have to short something, look for stocks that didn't participate in Jan 2018 rally.

Otherwise, just go with the trend and buy some calls on the dips. Fading the gap (in both directions) seems to be the best day trade....

(No SPY position, just saying that I'm going with the melt up theory for the next 2 weeks.)
Comment: Really hate trading on gut instinct instead of charts but I'm glad I flipped my SPY/FDX/TUR puts on open and went long on XRT and GM calls. Decided to hold overnight which could be a mistake, but I get the feeling that they'll put the computerz back in pump mode.

Regardless, tomorrow is Ponzi Friday and the market is required to go up ('cause it's payday and 401k plans need to buy stock.)

I may be wrong, but the action today was enough to convince me that we're melting up, and this is more than just a corrective bounce.
Comment: Futures repeated exactly what they did last Thursday, we'll probably see some weakness then an attempted gap fill. Not sure what happens this afternoon with the melt up vs the tank last Thursday. Looks like Monday will be the make or break day for the market.

Maybe we just go sideways at the top like last May.
is that indicator 1 indicators with 2 in it or 2 seperate ones.
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@stinkbug, 2 separate indicators, MFI and accumulation/distribution. Ignore them unless you change the time scale to days. Shouldn't be looking at either on the hourly chart. You can see the money flow and accumulation on the daily, and we're nowhere close to being overbought.
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