No need to recap the market action today it's the same as yesterday and the day before: gap and go, unrelentless buying, weak dollar, window dressing, etc... they're jamming it.
QQQ
IWM
Dollar (DX_F)
Copper (HG_F)
Long Bond (ZB_F)
Crude (XOIL)
VIX
ATR (SPY)
McClellan Oscillator
JNK v. LQD
The $IWM chart seems to line up for a possible rerun of the april 2011 runup and drop off like a cliff. What do you think?
ReplyDeleteI'm not sure if you can draw direct comparisons since we're now effectively QE-less, grinding through this Greek drama, in a political showdown over the debt ceiling but I think the higher probability is that we dip or pullback. How far and in what kind of fashion I couldn't say but tomorrow is the final day of the quarter so I"m not sure how funds are properly prepared for their window dressing.
ReplyDeleteThe April 2011 was a bull trap day or a failed breakout. Next week we'll see if investors instantly turn risk averse. Great observation! ThanX for pointing it out.
ReplyDeleteYour welcome thanx for the kudos!
ReplyDelete