On a day when the NASDAQ was down more than 1% into the close, the S&P and DOW were barely treading water, and I personally had three positions that sank more than 2%, you would think it would be pretty clear cut that today was decidedly “not bullish”.
But you would be mistaken, as I counted off numerous Twitter beings preaching the mighty “bullish day” we had. Did you, perchance, see that awesome rally the DOW had? What with all the bouncing I had to hear about today, you may have completely missed the HORRIFIC SLAUGHTER occurring more or less everywhere.
Please rest assured that in spite of the glorious bull market we had today, the man being murdered behind the shed was still very much stabbed to death. But by all means, get about to fretting over the first degree butchery at your convenience.
Go check out the Fly’s blog, where he has conveniently posted the black list of the mutilation.
On the one hand, today’s action only set us back to early August.
I guess the other hand is that we are not done going lower yet…
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Depends how you look at I guess. Markets are 1% from all time highs and all I read about is this upcoming correction, market crash, rates rising, growth slowing and or twitter traders buying spy puts.
Agreed Jules. This market is feasting off the blood of top callers. People so eager to catch that top because that first round of spy puts would (will eventually) be insanely profitable. Plenty of traders, myself included, remember the insane windfall profits of shorting in ’08.
I’m not hearing that many people calling for a top. At least I see as many people calling for the next leg higher.
Also depends on which markets you are referring to. Commodities are being uniformly dismantled and bonds and currencies are screaming trouble.
MCT, are you a buyer of BAS on this move?
Not yet – I still have a nice position in BAS, no need to rush it.
I was referring to the stock market.
I understand. But sometimes the stock market can be a little slow.
Do you have any thoughts on the move in crude today? It would be appreciated.
Not particularly. The clear move has been lower.