As implied yesterday, I thought the play coming into today was a gap up. However, the first attempt at S&P 1880 held like a champ. As the bears have been in control, this is their point of defense. Anything north of this causes additional covering.
The spike and fade in oil has me speechless, and I’m watching the 30yr inch up, while the 10yr bases for a move.
The only breadth extremes I saw this morning were immediately off the open, and at the session highs. We’ve seen no downside extreme as of yet. Should it surface, it’s safe to say 1850-55 as a downside target here today.
UPDATE: As I post this, $TICK hit its first sell extreme. $SPX headed back to unch. What a shit show.
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Economy sized bottles of generic brand lube needed. Stay safe out there, friends.
Nothing changes til the 10yr auction. Gotta scare the peeps into bonds.
What a battle going on to day
Might need to start taking polls about staying in the market or moving to cash. Having someone firmly say sit out and wait would be a helpful indicator.
My wife called me at work on Monday at about ES 1830 and asked whether we should sell everything and wait in cash for a while. I think those conversations probably occurred all across the nation.
As of this comment, I;m seeing some strong divergence in the Russell, greater than 1% than Dow and almost 0.5% great than S&P.
Bios remain strong. Except for my favorite XON. INSY is worth watching too.
fly is long. uh oh.
An inquiry for the general populace. Do I:
(1) add to $SGEN
(2) open a starter in $JUNO
(3) sit on my hands
This is for the forever account, which seems like the only reasonable place to be shopping right now.
Doesn’t the quietness of the blog tell you the precarious feel people have about this rally? I’m long, so I’m hopping for a break through 1880 on $SPX.
think everyone is just reluctant to believe bulls will have the force to break through 1880. maybe that’s exactly what market needs to do so. wishful thinking from me.
Oil has to rally first.
Strong demand on the 10 yr auction on the surface. However most of the demand came from non-dealers.
Thus big banks and other CBs were the minority.
Non dealers are the weaker hands in my opinion.
Nothing has changed for the win:
FB- you should be buying the dip. $200 by years end.
MSFT
GOOG
HES is acting nice here.
UWTI for a buck
PAH to 5
DIS – forget it