Bulls MIA
Bulls MIA
UPDATE 10:17am EST: I was riding the futures downhill since the open – nice trip so far 🙂
The trend continues to the downside and we are now resting exactly at my support line I drew over the weekend – sometimes you get lucky. Frankly, I am not sure this one will hold, the bulls are MIA and the bears are running the show again. But if we’ll see buyers step in today this should be where it’ll happen.
FYI – the next long RL is at 756, and the next one after that is 707. But of course we are much more interested in what’ll happen at 741.02, which is the November 21 low. We breach that and Kansas is going bye bye.
UPDATE 10:43am EST: Yes, it’s that time of the day again:
Sorry to keep harping on this but the Yen is getting hammered hard and is way outside its 2.0 BB right now. The bulls better pray that the Yen doesn’t catch a break because if it does it’ll get really ugly, I talking Spanish Inquisition style.
UPDATE 11:25am EST: Okay, we are now approaching pivots on the NQ and the YM – we’ll know very soon if there is any juice in this bounce. Thus far it looks pretty meager – way too orderly.
BTW, the TNX has been positive all morning – which made me a bit suspicious about the drop. However, lately this correlation has been soft at best, so I don’t put too much weight in it.
UPDATE 11:32am EST: Tim was complaining to me about the horrible bid/ask spreads on XLU and since SPD is even worse I think the only other way to play this is to pick out some of its components directly. So, here’s an XLU watchlist which you can import into Prophet – so, knock yourself out. Here’s also a finviz watchlist for your convenience – got to keep my leeches entertained after all.