Jump to content



Photo

Defense, defense, defense...


  • Please log in to reply
No replies to this topic

#1 diogenes227

diogenes227

    Member

  • TT Patron+
  • 4,832 posts

Posted 10 January 2019 - 10:28 PM

From the link:

 

With $SPY up 5 days in a row and 8 of the last 11, and with the Nasdaq up 5 days in a row and 10 or the last 11, short-term breadth turned down today…

 

How many times have we seen that before?

 

In addition, my nifty-50 list of stocks started to turn on Tuesday from 48 buys (and 40 overbought) on Monday to 22 on buys (and none as yet oversold) today.

 

 

One suspects those left behind on this bounce are beginning to believe it’s more than a bounce, and one suspects long-term holders are holding their breadth in the hope it is (sorry, boys, just look at how far anything is from its high and it’s overbought already?).

 

The market can go up as high it wants and for as long as it wants, of course, but this really looks like as good as time as any for a dip, probably tomorrow.

 

For more and a key chart:

 

DEFENSE, DEFENSE, DEFENSE...


"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).

“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”

 

"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."