Remember that divergence between TLT and NQ I was talking about a couple of weeks ago? It's now closed, lol. Long term bonds went up because of bank fears. Oddly, I think that's why tech is rallying, nevermind that yields are going down because banks are tanking. What a strange market. Tough to trade. Also, rate inversion makes sense if banks tank, so I am...
Amazing how the algos can pump bad news, CPI came in as expected which is still too high for the Fed. Bond yields are all up, market is pricing in .25%. MFI now touching overbought, ES and RTY are not quite there yet. I think the big thing is that FDAX was oversold as I pointed out yesterday, the Euros are pumping hard this morning. I think the market gets...
Couple of my followers asked WTF is up with crypto, lol. Megaphone pattern. Usually a reversal pattern, though it can be a continuation pattern as well. Not actively trading it in either direction, I find timing to be really tricky since everything seems to depend on whatever crypto news comes out.
In case you're wondering what caused the tank today, financials led the way. Unfortunately, I don't think SI will be the only bank to go under, I think this is just the beginning. We're going to see banks go under because they lent money to garbage companies at low rates. A lot of these companies are gonna go bankrupt, like BBBY, W, PTON, AFRM, etc and as they...
Despite the Sunday pump the market went red this morning. MFI hit oversold but RSI didn't, and there's more numbers coming out the next couple of mornings. Looks like the market wants to bounce, but how far isn't gonna go with CPI numbers coming out tomorrow morning? One of the things that happened in the dump last week is that .5% hike got priced back...
Oversold on both MFI and RSI So Europe is gonna want to gap things up tomorrow morning, but CPI numbers coming out premarket Probably more whipsaw, lol.
MFI rapidly approaching overbought, I think this is a retrace, not the start of another rally. Remember, jobs numbers tomorrow. In other words, I think we're headed back down, lol. It's never a good thing when the market pumps bad news, auto sector is red as are small caps. Bailed on my PCAR position because it got rejected by the top, it won't break through...
RSI hit oversold right before market close, so possibility of a bounce up tomorrow, but then MFI will go overbought and drop the market again. I would have been a lot more bearish had MFI hit overbought pre-market, I didn't see such a huge drop coming at all. I closed out all my puts because I was planning on taking the day off tomorrow, and didn't open any new...
RSI oversold again, but I wouldn't consider going long until ES and NQ also go oversold. ES MFI has a LONG way to go before it hits oversold. Plus the market gave up on the short squeeze and lost all interest in garbage stocks. PTON down 7% now. Friday is when funds rebalance their portfolios, and I'd imagine they'd want to get rid of garbage stocks and move...
Rare midday update because the market is tanking. ES MFI never hit overbought, the market beat the algos to the selloff, and it appears they're finally starting to sell off futures now. Last time MFI was close to overbought during a tank, RSI went deep into oversold. Expecting the same tomorrow. The market is selling off all garbage, and there seems to be...
This chart pattern it posted today reminds of f previous tops. Market went green but PCAR dumped the gap almost immediately today. Overlayed a previous drop, I think this megaphone pattern continues until next earnings. No position.
RSI hit oversold, MFI has stayed oversold. No idea about gap direction tomorrow, but I'm sure this throws a reversal pattern.
MFI went oversold premarket, so the algos are trying to pump it. Generally speaking you want to buy when MFI goes oversold during a run up. Not really sure about this one, lol. Staying cash, not shorting anything either. We know teh algos are on so be careful shorting stuff too despite all of the bad news coming out. Euros are STILL pumping.
MFI almost oversold but I don't think we get a bounce until RSI gets oversold. With all of the numbers coming out in the next few days, there's a chance they shut the algos off again now that they got their pump and dump. I think people were thinking Simple Jack Powell was going to pump the market today, and he did the exact opposite. 3/9 8:30am Unemployment...
RTY MFI is oversold but ES and NQ are not yet. Market whipsawing already. I think the drop this morning had as much to do with FDAX getting overbought as it did with Powell. He didn't say anything new, lol. Not sure I want to go long with unemployment numbers coming out Thu and jobs numbers Fri. Might just sit out the rest of the week. MFI should hit...
Hit overbought last night and rolled over. Looks bearish for US open tomorrow. Not sure if we get a gap down or if they sell off after US open
Overbought on both SI and MFI but I can't recommend shorting it because the daily indicators are on the up trend. this could be another melt up. Kinda taking it easy this week because I made some decent money last week. Gonna be patient and wait for another entry. I don't chase melt ups, though you are welcome to. I've decided to stay with last year's trading...
Not at all what I expected today, small caps leading the market down. I don't recommend a long position until RTY goes oversold. Asia and Europe usually don't pump small caps, so it's probably toast this week. Chart pattern is extremely bearish.