Market Outlook Video
I hope the video helps to shed my view of the market. There are some amazing set-ups.
Covering:
$SPY $QQQ $IWM $CMG $PCLN $EXPE $XLP $XLE
The relentless buying started yesterday just as the market started to crack and continued from the late afternoon through to this morning. A buying frenzy. Unabated to the buyback. Just Buy it Baby. It brings me back to the Bernanke days, when stocks levitated up on an almost daily basis, without as much as a pull back.
I didn't see many calling for a bottom yesterday as stocks plunged late in the session, but after the massive spike into the close and continuation after the bell, the wood work opened up - and all the bottom buyers came crawling out.
Real quick. It's about 30 minutes before the opening bell. Stock futures are ripping higher. It was a brutal sell-off yesterday and in the context of any pullback their will be bounces. It is precisely why I locked in some profits yesterday. The bounce is shaping up like previous bounces we've seen over the last month. And I think the end result will be the same... it gets sold, much the same as all the rips have been sold. The key will be timing. How much further does this relief bounce have?
On Friday it lasted most of the session before the bottom fell out.