Even with the Dow down triple digits today, the indices are basically right at all-time highs in the grand scheme of things. It is hard to say that a one-day sell-off, even intraday, is enough to shake the market of extended conditions and complacent sentiment. Nonetheless, a runaway “blue sky” bull market can see every slight dip being bought, if this truly is a 1995 scenario.
To my eye, quite a few upside momentum plays are trapping bulls, such as the once-promsing EXPR and leading biotech AMGN. That need not mean further downside, but it is sloppy action nonetheless and is punishing overly-aggressive bulls.
I reduced some longs, taking small losses and wins earlier inside 12631. I am still stalking a McDonald’s short, an idea I have mentioned several times here.
On the updated daily chart, below, now the series of lower highs. I am looking for a bit more down below $98 to get an entry.
The next few days of earnings with PCLN TSLA should also be revealing about risk appetite at these levels, not just in terms of the immediate reaction but into the following cash session as well.
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the look on that dudes face is ((Priceless))
it makes me laugh..poor guy.
That’s Aaron Paul Sooz, he loves high fashion.
Probably for the same reason I do (models)
Good man, Raul.
ahh..yes!
swaps the caps and skull t’s for tweed and models.
I know how much you love this series.
I have some huge fans over here, too.
For me..hmm.. there is much catching up on past seasons. One of these days, I suppose.