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The major indices are gapping up massively this morning, with the S&P 500 running directly into its slightly declining 200-day moving average. Shorts are on the run, big-time, and have not been given any real type of reprieve since the market turned on a dime back on October 4th down at 1074 and sprinted higher. If anything, the recent run illustrates that there is a huge difference between patiently sitting out a market in cash, waiting for better entry points, versus outright shorting a rally all the way up. While I have not been fully invested, I have been respecting the increasingly bullish action by methodically adding long exposure.
It is still very early in the trading session, so I am going to wait another twenty minutes or so before gauging whether the move has a good chance of sticking. I see plenty of traders on the Twitter stream eagerly stepping in to aggressively fade the move, which may mean psychologically that it will probably stick. Either way, I am still eyeing many of those financials that I charted last night.
Buying a gap higher is always a tough proposition, but as always I put it within the context of the chart. If it is a gap on a sloppy chart, I usually wait for a better spot. If the chart was tightening up an raring to go, I am more inclined to get involved. One chart hat I am watching here is Jabil Circuit, with potential to hold and continue this breakout from an ascending triangle pattern.
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that is exactly how I look like, get stung all over and is shocked and awed by the October move
The jalapeño honey was bittersweet, Jose.
damn the pics u post really have depth ah u should be a copywriter half part job
Question: if today’s candle leaves a doji, inverted hammer, or hammer, what would the proceeding price action suggest? Would a doji be bearish, or bullish? Likewise, would an inverted hammer/hammer be bullish or bearish? Thanks.
Too early to tell. I’ll address it all on the recap and later in the session.
best pic ever
classique
Where do you get this stuff? Hilarious. And yes, patience patience patience. Thanks for all you do!
Thanks, Linda.