Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,861 Blog Posts

Enjoy the Fix Being In

The “buy into The Fed and then dump it” pattern happened in September, too. The issue is whether history repeats itself and we have just witnessed another multi-month top. Thus far, we are seeing some softness but nothing to aggressive yet to the downside. Looking at the SPY below, a gap-fill to Tuesday morning’s pop would not be particularly bearish, if it occurs.

I am focused on minding the 1420 and then 1400 levels on the S&P 500 Index. In addition, I am looking to see if many individual stocks in the Nasdaq and Russell 2000 indices can continue to base well even during a market consolidation. I am also staying patient eyeing some potential short setups we have been discussing inside 12631.

Overall, I am expecting a cooling off period short-term. A red close or series of closes to conclude this week is not a reason for concern, in my view. The real issue is whether the market can improve underneath the surface and firm up in the face of it.


Email this to someonePrint this page
If you enjoy the content at iBankCoin, please follow us on Twitter