Here is just one picture from said whipsaw, and its an important one as a cyclical indicator; Industrial Metals (positively correlated to the economy) and gold (generally negatively so).
A really nice breakdown in IM/Gold was followed by a neck snapping spike and now… down periscope.
The weekly goes from breakdown to fully intact to suspect again.
I do not post here pretending that I have the answers. I am just a geek with indicators staying balanced in my positioning and honing the view each week. But man, this is annoying isn’t it? Imagine how many players (other than day traders who I a assume like this) the world over are frustrated right now.
I think this activity, when filtered through a lens of calm reflection and interpretation, is indicative of potential changes (the bad kind). But it’s a process and the market is doing its best to frustrate everybody as the process moves forward. Oh and by the way, if I am a raving, momo chasing bull I don’t much care for that Intel, Amazon and Microsoft earnings hype blast and reversal in NDX.
Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.