CCI and JTS will hold the short position for at least another day. I saw a study over the weekend that suggests there is a strong probability that SPY will see a 2% pullback this week. One can hope! :) Hope you had a relaxing weekend.
Same time tomorrow...
If we break up, I am probably going to call it quits at a SPY of 144 if my stomach can handle that much movement...
ReplyDeleteJ, could you tell us a little more about the study you're referring to? What is the basis of its prediction?
ReplyDeleteOk, I just looked again... It was the "SPX up 6 weeks in a row" study that Cobra ran on Friday. Average drawdown the following week was -3%! (Not 2% like I had thought.)
ReplyDelete3% after gaining 3% isn't much of a drawdown...
DeleteWell, yes but the 3% figure is calculated from Friday's close.
DeleteJ, you got a link for that article?
DeleteNice topping tail on the daily will hopefully start a downtrend.
ReplyDeleteThis market is going to roll over, Apple was the first to go red, Vix has spiked 1422 target has been met. All the signals point to atleast a drop to 1390. Then we will see if 50 day holds..... game on
ReplyDeletePlease. This market can't rollover. It's not allowed....
ReplyDelete:)
NO, PLEASE ROLL-OVER!!!!!!
DeleteAll we need is a close under 1412, I think then 50 DMA is in play.
ReplyDelete