The sentiment got decidedly BEARISH last week with the latest Investor's Intelligence report, showing 50% BEARS. Even a "bind-man" could have felt the need for a good reaming . . .
the real reason for the rally: "(CNN) -- NASA's Phoenix lander has discovered a toxic chemical in soil near Mars' north pole, dimming hopes for finding life on the Red Planet, the probe's operators said Monday." Watch the market dumping 20% if green men are found there one day.
Yes, expect a sell off for 1-2 days. Especially if we gap higher at the open. That would be a short signal.... After that straight UP! RTS
Speaking of a sell off, all of kudlows panel today were bearish on commodities, wow, another after the fact panel.....gotta love these panels that talk about selling a certain sector well after the fact it has sold off, too funny. I think im seeing the next sector thats going to get inflated and that is healthcare, everyone is talking healthcare stocks, even cramer hinted at healthcare. Of course this is after cramer hyped up NG and oil stocks for the last few months as both have fallen 20%+....
yea...this move today is so "fragile" that the slightest overnight/morning news...BAM...there goes the sell off...
something very technically important to note: the ES volume is down 18% from yesterday...what does low volume and high price move tell you?...answer...that the move is false and must retrace to level of greater volume place...again..watch for move downward tomorrow...
Markets do not move up or down in a straight line. I think we'll probably get to 1320-1360 before we see another leg down. Next 40 points will be easy but the next 40 points after that will be hard. Will sell 136 SPY calls once SPY touches 136, with a stop at 140. Once if the markets break after that, I will buy puts on a reaction to the 13 D BBs with 1 std. dev.
interesting...at 10:28pm nyc time...DOW futures down 4...ES up .50 and Nasdaq up 9.25...my point...not all 3 are up...hence...CSCO not creating big move afterhours...watch for great sell opp tomorrow