I have to give you credit. You put that bug in my ear and I when I saw the straight up AH move, I started thinking half the move was already in place. Another signal was the overbought levels on my 4H chart. That has typically favored an early down move during RTH.
Agreed. This market just refuses to crater.....even in the face of horrible economic data and conditions. Bottomline: It's all about the Fed. Note: Fed day tomorrow.
Goog up $110 off its 4 pm close . Tons of bullishness as all earnings being viewed as a one off and stocks not cracking . A ton of shorts stuck . I just don’t see the fuel to drop this much. Unless we get another big wave of the virus and shutdowns the chances of ever seeing that 2176 low is zero now . The fed as basically monetized everything and taken risk off the table for now
The crude oil market remains very emotional...there was a burst up to CL $13.46 near the daily close today. That went to clear out some of the short sellers. After the 6 pm re-opening, we immediately went down to the $12.70 level. Bottomline : June CL is trying to find a fair market value in light of really dicey supply-demand conditions.
WTF? Do traders everywhere have the memory of goldfish? "This market just refuses to crater". Didn't we crater, most recently, in Q4 2018, and now in the past two months, Q1 2020? A 35% drop is not a cratering? Guys, what would it take y'all to consider a market cratering? Dropping 50% and staying there for a decade? Jeez!