Seanote - what did you see on a chart (or otherwise) to short NVDA there? to me, on a 1 min chart, it may an intraday low around 3:11 or so (at 24.15 + or -), falling away from its 20 period MA, then came back a little to 24.58 ( resistance at the 20 MA?) where you entered short, and you rode it to 24.15 or so which was the low from 3:11. Am I seeing it the same way? thx
It appeared that the market was in good shape. Despite bad news from several tech stocks the market shook off its early morning sell off, rallied to positive territory, but tanked amid news of violence in the Mid-East. It was a case of just too much bad news to fight off. Today is another interesting day. Look for the combination of yesterday's selling. All of the major averages are now at the point where they must start forming a base or Monday's rally will be just another respite in a Bear market. How the market reacts , especially with leading economic indicators that were released after the opening, is critical. More weakness today signals a continuation of the down channels.
The 50-day moving average of the Dow today stands at 9975. The 50-day MA is declining towards the 200-day MA which stands at 9843. The 50-day MA is now 132 points above the 200-day MA with the Dow below both MAs. If or when the 50-day MA crosses below the 200-day MA and the Dow is still below both, at that point the Dow will finally have turned bearish. Until then the Dow is basically neutral-bearish.
I can't believe these numbers but it's true. BONDS may be pointing the way for the market and the economy. The 30 year T-bond (very sensitive to inflation) has bucked the experts by climbing from 96.09 in mid-March (Sept. futures) to today's 104.11, a rise of over 7%. Add the 5.5% interest and you're talking about a potential total return of over 12%. Note to portfolio managers: There are other investments beside stocks!
nice trade - are you following the 20 MA on a 1 min chart as support, and you sold the mini double top at 46?