Man this is tricky. Fresh out of the shop, my newest algo (currently operating under codename “party pooper”) fired into this afternoon’s short squeeze. At the same time, more studied and robust algos are guiding me higher. Today NASDAQ printed a neutral extreme—the 3rd highest directional conviction day type. And we spent most of today pressing right up against my max pain point. It was a predicament this complex a few months back that birthed Switchboard.
Switchboard is a spreadsheet that considers all signals and objectively spits out a bias. It has a short bias right now, barely. So unless we trend higher tomorrow I am inclined to book some gains into the weekend. But if we trend up tomorrow, well…
That puts some interesting stats on the table heading into October. I love a new month and October is like top 3 best weekends in the year.
Despite equities getting hammered overnight, and despite my SEE YOU IN 160 NASDAQS being wrong, I made money today. Funny how that works sometimes. It is because top tech, yesterday’s theme, was resilient today. Look for tech to continue to dominate. Why? Because if anyone was paying attention they would have seen Exodus flagging XLK oversold yesterday.
JEEZE GUYS, this isn’t rocket surgery! (I stole that one from Morgan_03)
If you enjoy the content at iBankCoin, please follow us on Twitter
well put. If I am reading you correctly, say we end up having a trend day up or a gap up tomorrow. Are you saying the possibility of visiting the August lows is off the table in that case?
Any time I see a tuba in a band, it resurrects the repressed imagery of a extremely bizarre Tragic Mulatto show I attended as a kid in the late 80’s – vid is the closest I could find: https://youtu.be/eOtl0Zl-YYI?t=243
Raul – what do you saw we trade up tomorrow? I’m tired of peeking at my phone. I want to gaze and grin for a bit.