Looks like a possible reversal day today - the market leaders are getting hard. Since we've had a large rally, and vol is low, and we had just taken out the prior highs by 1-2%, I think we may have just seen a short-term top. There is definite potential for 50-75 points downside to near 1500 IMO. Safest to play it with some puts or put spreads.
nah reminds me of the hangseng 2.5% intraday reversal two weeks ago it recoved as if nothing hapenend Just profit taking There will be no continuation selling. All short profits will be made today.
Yikes. Mymini is becoming a pretty reliable fade, when he starts posting like a maniac, short term top is in!
Maybe, hence I wouldn't go naked short. But this kind of action is a sign that the risk of correction has increased noticeably. Picking up some cheap puts, booking some profits, and tightening stops on long positions would be a good idea IMO.
Too many people calling a top right now for a top to actually be here imho. things are just starting to get interesting.
Thanksgiving is a clean 1 month+ away chief. How long did it take the market to correct in early August?? ~Cx
What's your definition of a Short-term top? How many days or weeks.? Markets did not close below the prior day's low however, so, a down day reversal from a technical standpoint isn't in. Generally speaking, I expect the end of October, or, early November to begin a more significant downside risk. But what do I know.