Thus far, the patterning of these last few months is remarkably similar.
Aug-Sept 2015
Jan-Feb 2016.
We’re back above 1880 here. That’s a pretty big deal, IMO.
If you didn’t start buying last week, this totally sucks. Everyone is deciding here that rather than chase up, they’ll pass and wait to short this move.
OA
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agree on your last statement. been speaking with people and they are all saying they will let this rally go and start shorting above 1900.
I also don’t see anyone thinking this will stick; everyone is looking to short. Even CNBC guests are saying as much. That said, it’s hard to determine a defined risk spot to get long(er) here.
Lot’s of stuff really not participating yet, see FANG’s, banks and blown up tech stocks from earnings. I can’t tell though whether it’s from a lack of buyers, shorts pressing b/c they aren’t getting hurt or a combo of the two. Either way if this rally keeps going it’s going to have to broaden out… might be time for some fliers. $SUNE anyone?
you want to bet on a BK company?
Oh, you mean like $FCX? I’ll happily take a 50% return in a week.
haha. touche. but i think the headlines against SUNE is much much worse than FCX.
If you stick with OA’s analog above, then this rally should go to ~1950, and that’s where resistance will hit.
The market rallied for 2months after that last bottom.
Tony (OEW) has this rally to a minimum 1956 (pivot) and max 1975 but happening in 2 wks on low side to a max of 4 wks at most.
Has he said anything about what it would mean for the market if it went higher than 1975?
We’ve got some strong divergence again with Russell vs. Dow and S&P
All three are at highs of the day?
I’ve been nibbling the Russell all the way down because I believe in buying what’s worst.
wow, just saw the action in gold today. how far does it drop? I assume 1200 is a pretty strong psychological support level
Hey Jeff is there still a 98 analog on oil 8″in tact. I’d check but I’m dealing with food poisoning from none other than chipotle. True story
Oil doesn’t align as well as other instruments have.
Thx
Dollar, Gold, Copper, Stocks (to a degree) have better alignment.
you have a target on this Gold move down?
hmm…i have this free item coupon from chiptole. Maybe i shouldn’t use it. Get well soon.
Options Addict – Is it that simple?
Market rhymes but never repeats.
Notice how Aug-Sep we found resistance @ the red line (200dma?)
Well looks like we’re above it this time & may not fully retrace.
I’d like to see how well oil holds up 1st before getting Ben Bernanke Long
The market has been amazing at deploying pain. This gap up isn’t all that different. Nobody went balls long last week, so the consensus out there is that this rally will fail, and to wait and short it. Very similar to those waiting for a breach of the low in September. Everyone waited for it, didn’t get it…therefore waited. The pain trade was a trend move up. Fucked everyone.
BTW- that is a 100 day and we blew threw that by about 100 SPX points.
OA, news just out that Buffett started a position in KMI in Q4. Getting a huge pop in the After Hours. Amazing call on those calls. Congrats man.
KMI Grandpa Warren discloses 26 million share buy …perfect timing