So, the biotech reversal on the day looks solid, and breadth has shown multiple extreme positives here on the day.
The action lower was slow, methodical, and lacking speed.
The market darlings were avoided today, as there were other beneficiaries such as energy and materials that stole the show.
The market won’t rip here into the close because it forces you to take a side and ride into a gap tomorrow.
Which way do we gap? You know my answer…
OA
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flip a coin!!
1) high yield almost as strong today as it was on friday. 2) usd/jpy slightly; 3) lower no one I know is buying; rather, people used today to reduce some exposure. 4) most hated biotech vrx held recent lows and did a green to red to green… 5) weakness seems to be isolated to biotech/broader healthcare and airlines (probably oil)… suspect it’s higher.
my gartman is now “bullish” tho hasnt added….
gartman being bullish isn’t a good thing
Well, remember that no one can be wrong 100% of the time.
lol
HES +17% in 5 days…
Sell your biotech and get into oil…FAST
I smell a gap higher. The 10yr 30yr spread is up to 84 basis points. When the world was coming to an end the spread was about 67bp. At this point the 30yr ain’t scared.
Dow is looking to close above it’s 50 day.
Yep, first time since July.
doesn’t look for long. every company reporting after close is tanking. $YUM $ADBE
I am not bullish.
Gap lower to Fri close, then rally.
$NYUPV:$NYDNV ratio at +1.5 even though $NYA is at -.15% for the day.
I was thinking the same thing actually, and bought AAPL and SBUX into the close. The amount of comments I read about how the market won’t go higher without AAPL made me think sentiment is bad on AAPL and now is a good time to buy.
Wonderful. YUM dragging down anything in the food/china exposure
well, well, well. didn’t Fly just recently post he’s all in anything China related?? haha. told you the fade Fly trade works.
bchu – I’m in SBUX and AAPL, small positions. Initial reaction to YUM earnings was down but I agree that YUM has more to do with shitty food than a definite read on China.
OA, I respect your work and passion! Quick question, how do you get your charts? Is there a software platform you like or a specific website? Much thanks and have a great week
Most of what you see are Think or Swim charts
TOS FTW.
Loving the bull complacency, enjoy it while it lasts boys, the best lies ahead as trapdoors are sprung.
You’ve been pretty quiet, naturally.
Busy working.
This is my first trade for a few weeks.
Expecting much lower lows within October.
I trade peanuts, but have many ounces of physical gold, fully allocated. That’s my cyclical play, for the next 10+ years.
A repeat of the 70s lies ahead IMO.
What about $ETSY for a Discouragement play? Thinking Nov $15 options….
OA – curious about one of your long term investments. What’s the reason you like FEYE vs its competitor CYBR?
Are you bchu or bchu12?
don’t know about biotech rally , know $nugt more then 50%+ from lows (was under 3$ last week )
Best way to play the gold move?? never played the gold before
hard to chase here , you should wait a pull on some support
a good buy could be on a $gld pull to 107.30 and equivalent
Got the gap, but no follow-through….so far