Oh believe me I don't disagree with you at all. It's really a tough call. I tend to follow the S&P and the Russel more but I need to get better about tracking the Naz as well. 3130 S&P range is the line in the sand for me as to whether or not we just go straight back to the highs. Maybe that level puts the NDX around its high? Should be close. 2900 might be conservative knowing Schizo. You already have a couple others here looking for sub 2800 in the coming days/weeks/months. But 2900 is probably a solid first target.
An amazing thing happened in the crude oil (CL) market today that is noteworthy: the EIA came out with a very bearish report indicating inventories climbing much higher than expected. Result: futures continued higher....until they pulled back with the equity market swoon this afternoon. Conclusions: 1) The Fed must have traders in the crude oil pits keeping the price up . 2) Crude oil is going to take a cue from the equity markets. So the Fed has now effectively made EVERYTHING UN-shortable.... not Gold, not stocks, not crude oil, not bonds, not ETFs......nothing can safely be shorted. just incredible. So much for free markets. Here's to our "Federal United States of America".
Seems like whenever an overhead target is within spitting distance, the short, but violent "rug pulls" begin anew.
You must be kidding me. I'm thinking 2600 at the minimum. Ya better get ready to duck because, like I said before, you ain't gonna see the ATH ever again in your lifetime.