Apple was higher, as well as GILD, most of the session–which was encouraging. About 76% of stocks were lower today, led by financials. For some oddball reason, energy stocks were rallying off the lows.
Here’s my major concern. Hardly anyone left the Ark, as it closed higher by $2.77–a mere 13 cents off session highs.
It’s rough out there and the losses can become unbearable to many, especially those on margin. We will bounce soon and the Bulls will race back into the market, only to get catapulted back into the spiked wall.
For this market to truly bottom, we need to see the VIX spike, oil trade above $40, and an evacuation from bonds. Right now the smart money is still long TLT.
If you’re very long, use rallies to lighten up. If you’re in cash, waiting for a tradeable bounce, you might want to join the league of gentlemen inside Exodus to get a better handle on timing the whole thing.
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Today’s Ramp brought to you by yours truly.
allaboutfrogs.org/stories/boiled.html
Although the metaphor may be true in some situations, where a person might ignore a gradually occurring threat, as opposed to a quick crisis, in real life the story is not true. Real frogs are smarter than that.
https://en.wikipedia.org/wiki/Boiling_frog