Not For A Lack Of Trying
Not For A Lack Of Trying
UPDATE 3:11pm EST: It’s getting close to the bell and the bulls have been trying to push the tape above 704 but thus far their efforts have failed miserably. The force is strong with the bears today:
I find this chart fascinating. Note how the inverse correlation was holding up nicely and then suddenly the ES started to drop along with the Yen. Interesting to say the least.
Erik just got his breach of 7.17 in the XLF – so, we could be looking at a late afternoon capitulation.
BTW, I find today’s ad banners very appropriate, don’t you guys? Ahem…
UPDATE 3:35pm EST: The last half hour mark passed and the PPT appears to be MIA.
Let’s take a quick look at the NDX – it always was/is Berk’s favorite. I’m looking at last month’s tape and if you squint and step back to the line of scrimmage then you can almost see that channel I painted above. It seems we bounced off of the lower boundary today. We might keep skating that one downhill but once we see a rally attempt I would play it conservative until we breach that upper boundary, which is a bit soft, I admit but might be a level where institutional buyers step in.
