Today's rebound places the market roughly halfway between Apr top and Thur bottom (actually closer to the top but it is not clear to me where the actual bottom bottom was with all the trades busts etc.). One could make arguments for both long and short trades at this point and I think both cases have merits. I think more upside is possible given the fact that VIX is closer to the level that historically was around bottoms rather than tops. Of course there is the scenario of the fall 2008 with VIX running totally out of control.... Exciting times! I am so excited I can hardly sit still (should be good for my hemorrhoids) :eek:
SPY ~117 !!! I had to check the chart for the previous week to make sure I did not imagine the massive dump.
It wasn't a rebound it was gap. A very large gap. Immediately after a two day downdfraft. Two days. Three days. Neither makes a trend. A gap is a synthentic price point. Clearly has a human element involved. A gap in one stock is an isolated event A gap in an index, or two index is a reflection of numerous issues. IF a grocer has too many cans of peas, what does he do? How does a specialist/MM get rid of new unwanted inventory? Each has different customer bases, enticed by opposite directions. This gap wasn't exactly reinforced by the number of new highs. 600+ on 4/26 and 57 yesterday. I think there's a clue there somewhere. Ditto for summer coming. What YOU do is your business, but you might give a little thought to adhering to your moniker. I thought you were a shortie? In an institutional market, industry rotation plays a role. Hollow biotechs, just a thought. NO? Well then, regional banks are laden with under-performing commercial real estate, participated out to downline correspondents (and don't know jackshit about what they bought since they played no role in underwriting nor will they have any bearing on collections). One giant clusterfuck, despite FASB changes.
Nope, never been to The Gap, or Old Navy But I am having a kick ass day today. Best of both worlds. Net short (but long gold mining shares). There's an old adage that "they don't ring a bell at the top". I personally consider Monday's massive gap up a GONG. But hey, that's just me. I couldn't care less if YOU'RE bored. But will respond to anything addressed toward me. Is your 6000 post count a reflection of boredom? Doubt IF it's wizdum. I would care about seeing YOUR equity curve. Reminiscient of a carpenter's sawblade, eh? As for the NASDAQ, rides on the coatails of the NYSE.
1) Fine. 2) Good. 3) Yes..... Ancient Chinese proverb/wisdom...."No volume gets traded at the top." 4) ?.....50% wisdom, 49% boredom, 1% "other". 5) WTH?......circular....jig....reciprocating....band....table....wet diamond....dry diamond....coping.....Ohhhh no, it's actually similar to an escalator with occasional dips. 6) Be careful when that is the other way around. 7) If you want intense/boring/serious discussion, look into wilmott.com.
all major ETFs lost their breakfast (the open). so, yes there is weakness in the market second day in a row.