So Nine Ender, do you have a view on where the market is going? Is your view most of the inflation/bad news behind us/built into price so we could be going higher from here? Thanks!
Someone correct me if I'm wrong, but the Put/Call ratio had been declining, until JP Morgan's Jamie Dimons scare speech. Some Support and Resistance Guru here should be able to check to see if they took the Index below a Support to Shakeout the Stops, before buying.
I think today's rally is somebody propping up the market. They are doing that now after every single market-moving event like the Fed rate announcement, NFP and CPI. There is NO way that a market can go up by almost 3% after such a crappy CPI report which confirms what we know already and an increase in jobless claims which is starting to signal the start of a recession. But everything is going to all come crashing down tomorrow. There is only so much market- propping-up you can do.
Absolutely textbook "one day reversal" bullish engulfing candle on huge volume today. I'm still long 300 sqqq. Outch!
We'll see -- but you are citing past information when the market is a discounting mechanism and already looking out into the future. Not to mention, we're in a seasonal / cyclical sweet spot for a rally. Lots of stuff supporting that the low is in for at least several weeks now.
@Nine_Ender is definitely one of the better folks on this site with real wisdom and perspective about the markets.
Sweet spot for a rally?? Really?? How? How is October a season/cyclical sweet spot for a rally? Please enlighten us.