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Each time you think you have this market figured out it seems to throw another ZING! your way. With that in mind, let’s keep things simple. The SPY is obviously breaking down from that widely-watched symmetrical triangle, and is showing no signs of reversing up yet. The oil services and semiconductors that were very hot yesterday and on the verge of bullish breakouts are suddenly breaking down from their own triangle (from failed moves come fast moves?). Finally, copper mining giant Freeport McMoRan is backtesting it neckline from the inverse head and shoulders bottom earlier this fall. The best hope for the bulls is that his throwback holds. Otherwise, the picture is increasingly growing in favor of the bears. Could it be a huge trap to set us up for a holiday rally? Sure, it always could. My point is that I will not be the first move acting on that theory–I will let the institutional money decide if that scenario will play out, and then follow along.
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I left the building. Keep up the fight Chess!
You are one of the best traders and a superb financial blogger.
Thank you, Sir Marc.
“from fast moves come failed moves”
Strike that, reverse it. – Willy Wonka
Fixed. Thanks.
That stupid triangle was far to watched to be legit.
Indeed.
thought the russell (IWM) held in pretty well today
So did the trannies.