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Stock index futures contract rollover is all that's going on. Causes a little selling as long positions are unwound, and new longs are established in the December futures contract.
Until we see lower highs and lower lows. The trend remains up. I know it's difficult buying into a market that has not dipped at all in the past 19 months. I feel the same uneasiness as everyone else. But this is the job we've chosen.
It has nothing to do with the rollover. By your logic, the Dec contracts should all be up as the rollover occurs. Well... Here's September. Here's December... Hmmm! Look at all those longs! Did it not occur to you that Biden's vaccine mandate announced after market close yesterday is causing everyone involved in the market to consider how the mandates on publicly-traded companies with more than 100 employees may impact their bottom line for the next year? Unemployment possibilities, health-care costs, etc etc all that fundamental shit? Well, at least we know that Powell is not just going to coo like a dove, he's actually going to mutate into one at the September meeting after that Biden stunt.
Ye olde shit is hitting the fan. I will refrain from calling the market top here, but.... From a technical standpoint, the one outlier is that pullbacks usually lasted just 3 days or so in this rally market. The fact that we've had five down days in a row is beyond bearish. I'm looking forward to trading six figures worth of inverses if the meltdown continues. And VIX++ nr 21 wow... eod>20 = bear country https://www.cnbc.com/quotes/VIX