September 10th, 2015 Watch List
Morning Thoughts
The wild action continues. Yesterday some markets were putting in gains not seen since 2008. Now think about that for a minute. 2008 was not the end of the financial crisis, but when it came to a head. Wild gains and massive reversals are not the makings of a stable bull market. Perhaps this time it's different. But judging from this mornings pull back off the overnight highs, I'm not so sure.
Trendline support from yesterdays close needs to hold. A break would bring a similar pull back that we saw to end last week.
Thursday Morning Reads 9/10/15
It’s Alive
It was on overnight buy fest followed by a day of selling. Just the opposite of yesterdays session. But still of the two faced variety.
The hours I spend yesterday evening highlighting how a sharp move was coming, and that move was likely to the downside, went up in smoke on the Japanese 2008'esqu rally over night. Japan was up over 7%. Today stocks were setting up for a huge rally, another gap higher to put the recent market weakness to bed for another week. But then the selling took over and by the end of the session prices had settled perfectly... almost mockingly. I can sense a wry smile somewhere at the perfection of today's close. The Wedge that I thought would lead to a move lower - it's alive. And its ready.