The reason it feels like a sell-off is because it is - something you said would never happen again, although me and others kept saying how wrong you were. If this is indeed a correction playing out we should easily hit 4800 at least. So far, the market's only down 4,3 % from the top.
Something is different about today. The price action, the tape. The way it fell through the 430s pretty easily. The fact that there was no V. It felt more like 2022. Where even when it would rally it would drill more. I am close to looking wrong. 426 is inevitable here. The 50 day MA has been broken and for now the uptrend on the weekly chart has been broken. Unless there's a magical V the next few days, thing do look different. As for it never happening again, I mean when this thing is going straight up for 18 straight months without any pullback it truly felt like it would never go down again. 18 months straight of nonstop rally and V shape. You also had the most dominant uptrend in the history of the market. People had been calling for a correction 6-8 months ago. We'll see what happens from here, but today is the first day that is completely different since late 2022. The "pullback" even last summer was orchestrated and it had a tot tally different feel. I'm telling you this is the first day that actually felt like a selloff since 2022.
What would throw everyone/a lot of people off is turning a 'V' tomorrow into 5213. Don't you expect that tomorrow?
Of course it's different as it is different. The market's been pumping non-stop since the 30th of October last year. I don't think nobody denied that. While this pump have been epic, I've disagreed with you that we haven't had similar pumps in the past. When the market goes in super bull mode, it gets very, very hard to believe that it will ever go down again. Believe me. I've had that feeling a ton of times and it always corrects at some point. And I think that's also why tops tend to take time as there's a lot of people/players resisting it which keeps buying the dips. Today closed down - 1.26 %. We had days exceeding that in the correction last fall. But since it came about at a lower price level, the ranges were smaller than today's range (119 points on ES). I'm fairly sure this market will turn back up again at some point, but it seems like we're in correction mode for now.
You were wrong to the tune of what, 400 spooz before it turned? As in zero uptick from Sep 14 until it bottomed. You bought QQQ puts today? Pics or it didn't happen. You're comically bad at this. Allergic to money. What was your former nick?
Spy is literally Down 4 % and you can feel the nervousness of all the talking heads on cnbc and others who follow markets. It's absolutely hilarious and amazing that a simple 4% pullback has so many people on edge. I actually love watching this unfold....a 4% drop and people are literally scared out of their minds of what's going to happen next with geopolitical fallouts, rising inflation, no rate cuts, earnings coming in full force, oil and other commodities rising, 34 trillion in owed debts and a fed that promised you rate cuts and so far haven't delivered. Oh and let's not forget about the ai hype that keeps going amd going amd going. That alone is the contribution to over 3/4 of this rally the last year.....anyways remember a 20% pull back on the spy, which would put it into a bear market, would only place the market back to 4th quarter of 2023 lows. Not 3 yr lows or 5 or 7 or a decade. We are talking lows not seen since October of 2023, so if you are freightened by a 4% inkling of a drop just wait for the next drop to unfold...can't wait for cnbc and their breaking news updates on every 1/2 % drop....and I sure can't wait for the spy to drop straight below 4000!!! That's when you'll see your emergency rate cuts you all want....thats when Powell will come out and bow to wallstreet and cut rates below 4% to get wallstreet and equities back to historical highs.....grateful to see complacency wearing thin and fear back in the markers.....
Dude, there's a reason why number 3 is considered a holy number. We had 2 drops so far, so one more drop tomorrow. Speaking of three, even Peter denied Jesus 3 times, right? So don't go pretending that you're a permabear now. We all know your true nature.