A day of pain and anguish for the undisciplined. I cast myself into that category, as I bit far too early and aggressively at a move I over-anticipated. Still, what to do at this point. Given the after-hours bandwagon ranting on business media and now bearish overtones, the contrarian in me holds some hope for a bullish forray into $QLD. The Q’s did hold at the line in the sand today and if history repeats, such a hold after a violent move in this flakey market will be answered by a counter move in short order. Understanding any MOMO can connect dots and make a trendline, mine do show a channel and support that have yet to break. The 20D remains intact and held firm today. The longer term trendline also remains intact and has been a springboard twice before for toe-gripping short squeezes. I still sense the bears are in for one more painful lesson prior to a robust sell-off once prior highs of 1380-1400 on the S&P are approached. Or I get my ass handed to me in a winos used brown bag.
One Response to Running the Gauntlet
The weak second half attempt at the just buy AAPL trade by the bulltards is maybe problematic. What could go wrong? Global bust but for sure everyone is waiting to buy Islave gadjets for 5 times what they are worth and willing to pimp the kids if it is possible.