You're rock-in X-Mas eve. Too bad you do not trade real money. If you did, you would show us your unrealized PnL Fake mother fucker.
Looks like a another green day. This would make it now 9 days in a row. I have a feeling they will continue this trend into end of August as nvda report earnings next week. Once they do the nasdaq will be at 20,000! And then will just keep moving straight up into end of 2024 with no pull backs. Nvda and the rest of tech will push markets to continous new record breaking highs every day so just keep buying....
Oil dropping again. Anytime it gets to 70-73 they prop it right back to 80+ ...its happened around 986 times in the last 3 yrs or so....
All time highs today is very much possible with ES 1.58 % from the prior all time high by yesterday's cash session close. Why? We've had 5 days only this August exceeding 1,5 % on the high print. Also, I see so many who still are shorting this and suggest that as a minimum today should offer a pullback. All time highs this week seems guaranteed by now. It would require a big sell to negate that and so far it's not happening. Makes you wonder if it might not just happen as soon as today...?
I highly doubt it's short covering at this moment pushing equities higher. I think at this point that's just nonsense, yes there are always people shorting however at this point its not like the market has been down 32% and selling off day after day where the markets suddenly reverse literally wiping all the new shorts who piled on just a day or 1 ago at the lows ... Shorts have been exhausted from this market for a while. Right now it's all the market manipulation playing in the futures markets creating euphoric feelings of a forever up market as people literally trip over each other to buy the higher highs!!! We all know musical chairs!¡! Just saying.
We can only speculate on the why, but my guess is... - a lot of players switched short on the plunge - value players loved the 10 % dip and bought heavily causing a sharp rally - shorts had to cover - more shorts had to cover as the rally continued the week after - the speed of this recovery caught a lot of big players by surprise who then had to rush into the market to not risk missing the move adding more FOMO buying pressure And here we are. This (or yesterday in fact) is the spot where you'd expect some consolidation before going higher, but the market's definitely euphoric in the moment, so normal rules may not apply. I've also seen some suggest that the 'establishment' wants to inflate the equity markets to secure a Kamala win. I've heard crazier theories...
I remember when you drew the same wrong lines and arrows after we saw the initially rally in April following that drop. The rally or V thing last nearly 3 months. There were very few red days during that period. There's no chance the Q's will fall that low. Eventually it will have to fill the gap at 463, but that's about it.
Love seeing those big red bars knowing it has no other choice, but to V. The Q's ran up $50 straight with no pullback and now they will fight every single dollar.