@nusratjahan, It's definitely feeling 'business as usual'. Way too soon to say the market is rolling over; but these are the telltale signs of a market rolling over.
@PreferredStonk, In his best Willy Wonka voice: No, don't, stop.
SLOPolarBear
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@Dany.aguilar.c, The best wisdom I've ever gained about the market is that when everyone is losing money is the best time to buy. When everyone is making money is the best time to sell.
PreferredStonk
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Yeah, there's just no scheduled news right now. Quiet waters make this market float. But this all is in line with what bond activity does, rising rates create a drag on the overweight stocks. There was a little too much outflow across the board. Less like big money jumping ship, and more like their second-guessing getting back into tech so quickly.
You could also see them jump the gun on banks. XLF and KRE boomed most of the day because of the bond yield rises, but there's always consolidating after a big leg up and the banks were way out over their skis today (the one bright spot on my portfolio was a pair of small put placements that netted 600% and 300% returns).
I also detected some confusion over the absolutely pointless EU vaccine debacle with oil taking it right in the shorts. I'll be buying that dip if it's still there tomorrow. I have a feeling that oil will skyrocket over the next couple of years. Something about the current political regime in the States really wanting people to hate paying for gas (EV rebate 2.0).
Of course, it just makes it confusing when the bond market is terrified of inflation and the EU is facing a 'third wave' and doubting their vaccine*. These are kind of contradictory sentiments, and whenever there are mixed signals the big boys move to cash for a day or two.
You can really feel the liquidity splooshing around in the indices. I think your read is right, but tomorrow the 20ema on the daily is definitely in play. I'm hoping for a good bounce, maybe an ATH over the next couple of days, then a drop. If not next week, then for sure the week after leading up to the SLR exemption. IDK how to play that, but I'd like to be waiting in cash when the Fed makes that annoucement.
*I really don't know what that's about. No vaccine is perfect, just have people take asprin for 3 months afterward and stick 'em if you like GPD positivity.
SLOPolarBear
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@PreferredStonk, SLR is the key issue you've identified. Watch the banks on Monday/Tuesday.