Friday's late reversal was impressive but i do not think we are out of the woods yet. I am seeing tons of limp looking reversals. A small bounce to relieve oversold is possible but i still think the bears have the edge here and might try to grind out some more. As 'ugly' as the selloff feels, we still have seen not the raw panic based type of selling that stuns and silences everyone.
3 comments:
Interesting market right now. Bulls are saying this (last 2-3 weeks) is a well needed correction, bears are saying the last 9 month were the correction to a much larger down trend. I don't know who's right but either way, increased volatility and a more balanced market is healthier and more sustainable than the mega rally we've seen the last year.
Enjoy your weekend Stewie!!
Friday SPY was 240% relative volume over the last two years. It was a big day. The final hour push was classic PPT. It reminds me of Feb. 2009 action. Lots of whipsaw and misdirects to frustrate every position. I missed out on being a lazy bull in 2009. Will we get that chance again...
GTM, if that was not PPT, i don't know what is!! Classic 2008 late day reversals that end up doing nothing to the overall sell patterns down the road. man, so many memories hit my mind after seeing that reversal.
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