I have been expecting a market bounce for longer than has been convenient. What I mean by that is that this curmudgeonly trader who does not enjoy day trading up, down and all around has not taken advantage of the bearishness by being short enough and has not had the courage of conviction to get decidedly long either.
So I twittle and adjust and basically mark time (and collect cash equiv. income) until the next move – that is hopefully longer than a day or two – unfolds. I still think it is to the upside and may have begun today. But the technicals beyond a short-term to short/intermediate-term situation are not good at all.
The market is damaged, no doubt about that. It is damaged in its weekly technicals and it is damaged by some indicators. So what now? Party on Garth!… maybe. :-)
One thing I find interesting is how SPX has set itself up similar in October-November to its stance in February-March. There are some differences in the spiky whipsaws but the major difference is that SPX hanging like a very ripe fruit below the 50 & 200 day moving averages this time. That’s not nuthin’, folks.
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