To be honest, I sold my [[QID]] before the close, and sold half my [[SDS]] and [[DXD]]. All the bulls needed was a good [[AAPL]] and [[AMZN]] report and I would have been punished. As you know, both AAPL and AMZN closed down in after hours trading, and the futures are down as I’m writing this. I’m beginning to think that we may be looking at a retracement to the uptrend line, for starters.
The Nasdaq continues to have good volume on up days.  [[MSFT]] reports tomorrow, and it seems to have become a supposed safe haven for bears who are trying not to fight bullish headwinds. With AAPL, AMZN and [[GOOG]] reports out of the way, if MSFT does not blow the roof off, I’m not sure what is left to ignite Tech during the rest of the quarter. However, the index is still making higher highs and higher lows, and so until this changes, one will have to stay very quick to take profits on shorts. Similarly, I’m wondering if the bulls aren’t starting to get a bit apprehensive with the indexes hanging around resistance here. Truly, the bulls can’t afford to sit around here doing nothing for very long.
With Friday’s close representing a 9% rise from the bottom, a pause here would not be surprising, as 10% is fairly standard for bear market rallies. And as others have mentioned here at iBC in the comments section, seasonality is nigh….sell in May and go away…
The inverse ETFs have generated some controversy as to their profitability for traders. I can tell you that being on the right side of these trades, over the past year, would have produced generous returns. Above is a graphic representation of one of the latest buy signals for the RSI(2) strategy. The signal was generated Friday when RSI(2) crossed below 10. The trigger has one buy the next opening. The trade is currently in the money by .53 points. If RSI(2) crosses 80 tomorrow, a sell signal will be generated, which will mean one will sell Friday morning.
[[FXP]] generated the same signal today. We will record the opening price tomorrow and follow the progression of the trade.
This post is illegal.
I sent an inter-office memo explaining how bearish commentary was prohibited on iBC.
You forget Wood, the global growth story is “real,” and it isn’t going away.
The goat tit bottom was missed, due to my erroneous belief in some sort of credit/housing crisis, which turned out to be chicanery.
With that being said, seek investment opportunities in the lowest grade stock possible. With the profits, buy your neighbors house. It’s the Chinese way.
I didn’t get your gay inter-office memo. Maybe you forgot to send it to me, eh? Or maybe you sent it when the server was down? lol…
As I’ve said, my alien contacts have alerted me that a big move is expected for Friday, direction as yet undetermined.
I’m thinking if we can get a decent selloff today, we may set up for MSFT to ignite a decent bullshitters rally Mañana. If MSFT is good, China will take the baton & we’ll rally into the sunset, for the weekend.
Also, the dollar seems to have put in a bottom of sorts, which will take the air out of commodities across the board. Its the bulls ball to fumble.
Shed: Chart the USD/XEU, if you would. I think its a very important factor, if the market is to breach resistance and extend this rally for another month or two.
I don’t want to talk shit, but the iBC machine foretold this all. Spend twenty minutes rereading my posts from march to april, and my recs, and praise my glory.
Self-aggrandizing off.
Great work lately shed.