From this Morning...
"Last time, I said that Momentum had confirmed Buys on all time-frames, and called it pretty reliably Bullish. We noted that while the market closed fairly well, it was not well enough to take "Best Trend" nor cumulative A/D volume to Buys. On the other hand, we noted that the VIX P/C spiked to north of 50% which is a fairly reliable Buy. I had said that I would normally expect a bit of backing and filling today, but that VIX P/C Buy had me thinking that the market had further to go. This morning, we don't have any kind of a signal from the Message Board sentiment, but the large number of Opinion Bulls is a little Bearish as is the large number of Partially Long Bulls. Neither is actionable. As we type, the market is filling that gap that we mentioned last night. Logically, we should pull back. It makes sense and is convenient. So, what happens if we don't pull back? There are a lot of folks loudly pounding the table that we're in a Bear Market. I'd not be surprised if the market decided to make those folks feel a bit more humble. My work has us in a Bull and the market is acting like it's in a Bull. Virtually every year, folks get out into December and wish that they were more long. Let's make sure that we're positioned properly."
My Comments
#1
Posted 28 November 2018 - 12:14 PM
Mark S Young
Wall Street Sentiment
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#3
Posted 28 November 2018 - 12:20 PM
I advised folks to not panic.
http://www.traders-t...414-dont-panic/
Mark S Young
Wall Street Sentiment
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#4
Posted 28 November 2018 - 12:39 PM
#5
Posted 28 November 2018 - 02:12 PM
I have to laugh because I properly traded my morning buy signals captured a massive 6 handles! LOL!
And I was actually pleased with my trading! LOL!
Mark S Young
Wall Street Sentiment
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#6
Posted 29 November 2018 - 07:35 AM
I went back and looked at all of the end of day signals this year, there were 6 buys and only 1 sell, money is not made in picking tops.