I am still short, but i think "temporary reversal to punish the shorts and then resume selling off" might be the case.
My guess is we will have reverse up sometime in the near future (not necessary next week). We are still in QE phase. Also, we still see many ET with bearish view, which means bear are not yet capitulate.
Reported and disappointed, except for Amazon which is a rather broad indicator for the consumer economy. I think we get a repeat of the March 25-27 move as a "wait and see". We are almost at Greece/China levels on the SPY. A critical support area. However, a sharp Monday reversal will produce momentum to help us print new highs within the week. We need it. IYT is still looking sickly. I don't think I can play the long side in any situation.
Hum, I wonder how high they will push the index futures up tonight...No China rate cut!!...Surely some nation will cut this weekend.
GOLD is up 1%. If you would be happy to make 3% in a week or 2, buy Gold. I put a short term target of $110 for GLD. Lowest that I believe it can go is $99. If it goes to $99, buy a little more. I have no stop on this trade. Don't put all your eggs in GLD. Sell covered call to reduce cost.
Asia markets are falling extremely hard Shanghai almost off 10 fucking %%%%%%% Wowowowow Im watching the China etfs tomorrow but wont touch them probably until the Shanghai drops below levels set a few weeks ago and CHAU is under $16....