Madrid
Short

China, the Greek Drama, and the "Glitch" an explosive soup.

AMEX:SPY   SPDR S&P 500 ETF
229 2 3
This week has been a very active week with a deep plunge in the Chinese market that caused half of the market to be halted, the rejected austerity greek plan and the possible Grexit, plus the "Glitch" that paralyzed the NYSE and put a virtual halt and slow down in the volume of the other exchanges. It was an explosive week, and it's just the beginning.

We can see some the defensive sectors like utilities, bonds in the green, VIX             on the rise and Gold             in a double bottom looking for a reversal. Euro             , oil             , not recovering. $AAPL             showing signs of weakness and since it has the largest market cap, in case it won't be able to hold, it will drag the indexes down. This is going to be a bumpy week ahead.

By the way, I don't believe the "Glitch" story, a large institution like the NYSE technically simply can't stop, no matter what. The system architecture is resilient, maximum availability, redundant, fault tolerant and high performance. There are strict and disciplined protocols to release new software versions and in case of an emergency there is a Disaster Recovery Plan that has to be implemented once the system has been unable to recover after a certain amount of time, which is not four hours. So the story of the Glitch after the chinese stocks were halted sounds to me more like a defensive last minute mechanism to gain time and avoid a possible sell off due to an eventual flash crash.

Good Luck everyone and be rigid with your trading plan and flexible with your expectations not the other way.
timwest PRO
a year ago
Great chart. Very helpful. I made a copy for myself. Thanks
Reply
Madrid PRO timwest
a year ago
Thank you !
Reply
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