Okay, a little play-by-play sports fans. I covered another short (on SOXL) and still have the bullish feelings (short-term only at this point) welling up within me. Can SPX go for the lower gap all in one big gulp? Well let me ask you this; how vigorously, how constantly, how emphatically did the president of the United States pump this market’s tires? I really do think this melt-down is emblematic of that asininery and it is doing a fine job of neutering it. Sure, it can go for that gap.
But SPX is at the SMA 200, sentiment is changing in a big way and I think the point has been made to any and all who had lapped up the jingoistic bullshit coming out of the White House.
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