The intraday volatility was certainly in place today as risk came off the table. The S&P printed ten handles of selling with a few healthy rotations to allow short entry. The Euro dollar via the /6E was confirming risk off too, trading in tandem with the /ES before going flat around noon.
Since around 1pm the market stabilized and balanced out. The question on every bull’s mind is are we at an inflection point where this countertrend rally comes to an end? I saw an interesting tweet from @StevenPlace that we have only had four consecutive down days twice this year. The sellers certainly have been effective in erasing the euphoria that ensued post #NoTaper so perhaps a third data point is on the docket.
I will cover key levels to monitor on the S&P tomorrow morning to gauge sentiment and a potential turn around Tuesday, but as we close I get the feeling we will see overnight rotations and a sizeable gap to manage in the morning.
My portfolio is down a sultry two percent, championed by the broken wings of RVLT. The weakness in RVLT neither surprises nor upsets as it has been my expectation for weeks. Hell, I think it prints fresh swing lows to really get people off their rockers. Ah, the stock market can be so cruel. I will continue to dollar cost average.
I earned about 50% of what I made last week today trading futures. It is good to see some intraday life coming back into the market as we enter Fall trading.
I cut off my Zillow loss early on and moved the funds laterally into AMBA. I may be early to the AMBA party here as it is still consolidating. Dash cam, FTW.
Top picks into Tuesday’s tape: AMBA and ELLI (no position currently in ELLI #want)
I also want some Miley:Comments »