Just when you think the market could dive lower, Netflix puts in a +7% day.
The morning showed early signs of selling but just the typical slow walk. The new normal. Buyers rested on the bid, accumulating, before shifting to full power long initiation this afternoon. Now my model is just a few points from turning in a loss on the week and I have been working the wrong side of the tape.
Resisting the trend is futile. There is insatiable demand for stocks, especially the real tech hero stocks. Add Apple to the roster—straight ripping off an Exodus oversold reading Friday.
We still have Wednesday Fed minutes, but this action is hardly bearish. I suppose I will get long again just before the next ferocious downside move.
If you are like me, completely befuddled by the 2-12 day time frame, then you might want to join me in listening to Option Addict redo his investor conference this week. I am pretty sure it will be recorded if you cannot attend live. SIGN UP HERE
If you enjoy the content at iBankCoin, please follow us on Twitter
