GMCR is holding up really well guys. Keep an eye on this one. Monthly, weekly and QTR A up. Intra-day as well.
What do you think about the constant failure at the monthly level in the S&P? Do you see it as more of a sideways kinda thing? I would think that if we were really going to fall we would have by now. Otherwise the short trade here could be easily seen by the bus folks...
I think there is a lot of open interest at 1350 and it's expiration week. That is going to hold the breakout in check. It will also keep us from rolling over hard. I can tell you this right now, my number lines have been getting crushed the last few days. They were very very strong up until this week. My 5 day rolling number lines are getting very very negative. There is no juice in my opinion to get a clean breakout. And now financials are rolling over. All this market has is AAPL. I guess if AAPL can go to $700 we can break out sure. I lean really hard on these number lines. Crude oil failed, the Euro failed, financials rolling over and the 5 day number line getting weak. Having said that, with this being expiration week that 1350 in ES is a huge magnet.
I'll tell you what. Watch the weekly A up in Bonds at 143'16. Bonds have been unusually weak the last few weeks. If we confirm a weekly A up that will be a good tell.
Watch those bonds. Euro getting crushed as well. Great sale off that failed monthly A up. Same with Crude.