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Down but not out: Impressive bounce from lows


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#1 dTraderB

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Posted 05 October 2018 - 06:39 AM

Yes, that was a down day as most had expected and the internals warned us about the weak market during the previous sessions. 

 

However, all it is so far is a down day in the midst of several days up, and we must note the impressive bounce from yesterday's lows that cut the drop by 50% and took SPX above the 2900 level.

One data point is not a trend; SPX has to finish below yesterday's lows to maintain this bearish tone.

JOBS report is usually spun bullishly but the skittish bond market may tank if nudged by any data in the September NFP

 

ST Long, IT Short

 

ST LONG exit stop @ SPX 2898.5

IT SHORT exit stop @ SPX 2904.2

 



#2 OEXCHAOS

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Posted 05 October 2018 - 06:53 AM

Somehow, cumulative A/D Volume is positive.

There's very likely more downside, but we're quickly going to reset a lot of indicators and generate some good Buys.

 

What we need is a sharp rise in pessimism to really launch the end of year rally.

 

M


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#3 12SPX

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Posted 05 October 2018 - 07:50 AM

Yes, that was a down day as most had expected and the internals warned us about the weak market during the previous sessions. 

 

However, all it is so far is a down day in the midst of several days up, and we must note the impressive bounce from yesterday's lows that cut the drop by 50% and took SPX above the 2900 level.

One data point is not a trend; SPX has to finish below yesterday's lows to maintain this bearish tone.

JOBS report is usually spun bullishly but the skittish bond market may tank if nudged by any data in the September NFP

 

ST Long, IT Short

 

ST LONG exit stop @ SPX 2898.5

IT SHORT exit stop @ SPX 2904.2

 

 

Such a breath of fresh air, your comments always go both ways, just like the site says "traders talk"!  Love reading them thanks....



#4 slupert

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Posted 05 October 2018 - 07:50 AM

Somehow, cumulative A/D Volume is positive.

There's very likely more downside, but we're quickly going to reset a lot of indicators and generate some good Buys.

 

What we need is a sharp rise in pessimism to really launch the end of year rally.

 

Uncle Buck headed higher, equities headed  lower until that correlation is broken. (JMHO)



#5 slupert

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Posted 05 October 2018 - 07:52 AM

oops. computer illiterate, didn't mean to make it look like I added to somebody elses quote. sorry about that.



#6 dTraderB

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Posted 05 October 2018 - 08:16 AM

Now that they have crushed the over-exuberant bears who sold the JOBS report, they will take it down. Let's see brave bears get in to sell, again. 

 

If they do, then SPX could hit ar least 2880 today; if not then a big up day is most likely.

 



#7 dTraderB

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Posted 05 October 2018 - 08:19 AM

I have long heeded the words of a great trader:

your book may not be the same as the market's moods & intentions, at least on a short-term basis 



#8 redfoliage2

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Posted 05 October 2018 - 09:23 AM

After yesterday's capitulation in NYAD, NAAD, NYSI, NASI the internals now should lead the market higher from here into the earnings season that is to kick off next week.......................



#9 OEXCHAOS

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Posted 05 October 2018 - 10:09 AM

After yesterday's capitulation in NYAD, NAAD, NYSI, NASI the internals now should lead the market higher from here into the earnings season that is to kick off next week.......................

 

Soon, but maybe not just yet. I hope not. We need enough time to get some bears again!

 

M


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#10 CLK

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Posted 05 October 2018 - 10:15 AM

Sentiment actually went out a point higher yesterday from Wed. after all the downside.