What are you guys seeing out there? My equity NL are all over the place. SPY- Yesterday was the first day it confirmed for me in a while. I have it at +9 now and above my weekly and monthly A levels. It closed below my quarterly level today. QQQ- Hasn't confirmed for me at all. Have this at 0. Haven't seen a lot of follow through lately both on longer time frame and even intraday has been very choppy.
Took the A up today for some nice gains but not as much as I could've made. Bears seem to be really trapped here. Interesting article on short interest http://www.bloomberg.com/news/artic...-billion-of-short-covering-left-in-u-s-stocks
Yeah the scenario I laid out several weeks back about a parabolic blowoff top early next year seems to be playing out perfectly. New all time highs are a few weeks away.
This post is from sept 23. This is why relative value matters and why we track number lines. I mentioned avoiding the ES short which rallied 6% from this day (a lot of that came today) and the GBP/JPY short which I recommended in it's place is up only 1% over that time period. So if you were hell bent on being short the market, the currency was the better play. And that trade was actually profitable as a short up until last week. Number lines matter...
http://www.businessinsider.com/bi-m...l&utm_source=facebook.com&utm_campaign=buffer It will take you guys hours to go through all these charts but there are some real gems in here.
Markets usually function to mess up with most amount of investors and such a scenario would probably be perfect for that. Shorts and perma bears will have to close out their positions on new highs. Bullish investors who went cash will "realize" their mistake and go back in. New euphoria will attract a wave of new pigs and of course most bears will give up trying to short market when real thing happens
still flat on the 30 day, but some VERY weak short term n/l in energies. also, within spitting distance of yearly A down in nat gas. just something to think about over the weekend