What is the sound of a tree falling in the bush, if no one is listening?What is the sound of the stock market falling, if everyone is watching?
Yes - I'm in ZEN mode tonight. Nothing else to do. :))
The market was very oversold, and today became even more oversold.
A few (very few) positives:
- the percentage of the 50-Leaders above the 150-Day SMA rose today to par - 50%
- Information Technology went up 0.4%
- Consumer Discretionary went up 0.5%
hmmmmm. Consumer Discretionary went up 0.5% while the ANZ job vacancies data went down? WTF. Something's not quite in whack there. If jobs are going down - won't consumer discretionary spending go down? hmmmmmmm.
Anyway - the market is very oversold.
Broken Clock Time - The Market Will Be Up Tomorrow. :))
Cheers
Red
Heh... you'll be right again Redbacka :)
ReplyDeletehowever, I am looking at this current bounce to try to position myself for longer term shorts, beleiving the market back is broken for now.
I beleive anywhere from 100 to 200 points upside, maybe even a little more is possible from here, but personally too may things suggesting we are in a downtrend now.
Good luck mate and thanks again for your constant insights... at this rate we will make an intraday index trader out of you yet :)
;)