I’m applying for a job at Yahoo Finance, you know, the dude that writes the headlines on Yahoo Finance’s front page about the market throughout the day. Yeah, I want that position so I can sit around all day and write dumb associations with the market. So, until the market decides to go somewhere I will continue to hold off from making predictions on directions and instead practice writing headlines for the markets activity. Seriously guys, the market has gone NO WHERE, and everytime I feel like we’re going to get a trend, we just chop right back. It just amuses me how off Yahoo, CNBC, and other mainstream sites are about the tape.
Anyway, here’s a snapshot of Thursday’s tape. No thunder there. What we saw was an emotionally guided market in anticipation of Friday’s job #s. Speaking of jobs, the market is still unemployed and will continue to collect unemployment checks from stubborn traders.
Today was a good day-trading day because a lot of the indicators were working properly… maybe it was due to the emotion in the market? I mentioned the formula to spot a market reversal before, and we had it today…
- Search for what’s dragging the market: Banks.
- Which stock in that sector has influence: BAC
- Wait for reversal in VIX
- Wait for BAC to bottom
- Find the “relief point”, where the shorts will cover: Can you find it? I didn’t post the chart but you can use the SPX or DJI. I’m sure the NDX has it, but I didn’t use it.
Now at least we know the Lakers are bullish.
Disclaimer: I am short the Celtics. And Golden State Warriors.
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dude, talking Warriors smack? ouch. although we are going to get smacked by the Suns on national TV cuz we beat them down so dang hard on Wednesday. That is if the Suns have any self respect at all. this is were i was going to put up the Kobe vid.
Aha, this is the complimicated version I was thinking was the answer to sensei’s weekend quiz. “Relief point where shorts will cover”. Think I need to read all those prior posts ta figure it. Fisher’s flop won it today, awesome fish!
Haha.. warriors are cool.
GO Fisher!