In the face of a news-related spike down in stocks, we have the ritual afternoon séance by bulls calling for another spirited comeback. Time and time again, this bull run has shrugged off all types of “bad” news and technical breakdown setups. So, I can see why the dip-buyers are giving it another go as we speak.
From where I am sitting, a name like NFLX is an attracting long setup if we see a snapback, while V is looking ripe as a short in any further market weakness.
In an effort to stay nimble, I took partial profits in my Russia short, inside 12631, leaving on a trailer.
Here was my note to members:
chessNwine
12:32 PM EST on Aug 15th 2014Sold 1/2 of 1/2 $RUSS Long @ $12.74 from $12.22 entry to lock in part of the win. 1/4 left. May add back later today.
today’s spike down produced the 2nd lowest $TICK of the year. It appears the panic selling was eagerly anticipated and greeted with large hands.
Interesting TICK readings.