Not Looking Too Hot

There is nothing redeeming about this tape. Liquidity was scarce after the FOMC minutes, and finding a floor for price was no small task.

It seems no one is eager to buy into the summer markets. I wonder why? My book ended the day aflame, down over 2.5% on the session, and I am nearly convinced to liquidate everything but my long term conviction investments.

I didn’t sign up for this—4% intraday moves from an electric utility? My NRG long trades like a biotech.  Never mind my expectations. That which is not working is subject to removal.

Despite my analysis still saying hold steady, this is your side of the table Mr. BTD Bull, down continues to be the path of least resistance. Today has the 2^nd weakest breadth readings on the year behind only June 29^th—the day that set this whole debacle into action. We’re only about 5% off the annual highs but sell in May, go away is winning so far.

When the market has looked its strongest that’s been an excellent sell signal. Conversely when it looks its weakest it’s been a buy. Eventually , when you call the market’s bluff, you get ran over, but I am sticking to the 2015 roadmap and holding the line. Bring forth the pain.

In the meantime, The benevolent Fly seeks the quell the fears of the plebian class, and has extended the opportunity for public readers to see inside the Exodus algo complex. Take advantage of this generosity—if you want to see the overbought/oversold levels for a stock (3 tickers max!) send your request to [email protected]. You may choose to see the overall market score instead. Also feel free to inquire about The Fly’s last month of buys/and sales.