No melt up, looks like MFI is cycling down
As I said last week, 3 or 4 day short covering. Quite a few stocks went green this morning and rolled over. Nobody's looking at PTON and thinking, "geez I need to get into that during a war", just algos squeezing shorts.
Oil hitting transports hard, consumer cyclical is next because oil prices impact everyone's wallets, the market knows that.
As I said last week, 3 or 4 day short covering. Quite a few stocks went green this morning and rolled over. Nobody's looking at PTON and thinking, "geez I need to get into that during a war", just algos squeezing shorts.
Oil hitting transports hard, consumer cyclical is next because oil prices impact everyone's wallets, the market knows that.
Comment:
Anything can happen overnight, so no guesses on gap direction.
Looks like the market is trying to do the afternoon short squeeze pump again, but I have no desire to hold a long position
maintaining bearish until futures are oversold
Looks like the market is trying to do the afternoon short squeeze pump again, but I have no desire to hold a long position
maintaining bearish until futures are oversold
Comment:
Oil now at $105 and climbing back up
Comment:
All this great advice, daily updates, and I only get 7 thumbs up?
Anyways, at this rate the market should turn around Thursday again, not that I plan to go long aside from maybe a day trade.
Anyways, at this rate the market should turn around Thursday again, not that I plan to go long aside from maybe a day trade.
Comment:
Futures flat and indicators still look the same. Expecting at least MFI to go oversold within the next couple of days
When in doubt, short garbage.