Sounds reasonable to me. Last Sunday when I read Harris' analysis where he talks about a $110 target in SPY I laughed. I didn't listen to him and I regret it. I'm looking forward to see what this guy will say for next week.
I think that might have been the mini bounce, I thought momentum would have taken the markets to the upside in the last 10 minutes after all indexes were green but it doesn't look like it now. Just sold SSO...
S2007S: What do you think of going long XIV (instead of long SPY/SSO/etc)? PS: Isn't a leverage QQQ better than SSO on long side?
QQQ is extremely strong (relative to SPY) - a sign of a bottom? QQQ is flat for the year! XIV refuses to fill gaps (e.g. Aug and early Sep). the most recent gap 2 days ago should get filled reasonably soon now that VXX has climbed so far. it is interesting that SPY has filled all the gaps very fast during this bear leg, but VXX did not. VXX ahead of itself?
I have to say I am paying more attention to the SPX than the DOW, I think the SPX breaks 1050...I do think the DOW breaks 10,000 and think the nasdaq doesnt find support until around 2100....I am however not going to believe this is all going to happen in one quick drop, it may feel like that, but I do think in the days and weeks to come there will be substantial bounces in the market of 2-3%, it is going to get VERY volatile especially with the VIX closing in on 50+ this is not a buy and hold market and it never will be again!
That is my exact thought. The spx broke through critical support today. That naz barely held but the cue really comes from the spx which broke down today on a closing basis.