looks like NYA may need one more day yet to resolve the big wedgie...
the dow is the key here
Started by
gannman
, Jul 07 2020 10:07 AM
41 replies to this topic
#41
K Wave
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Posted 08 July 2020 - 02:45 PM
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
#42
kaiser soze
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Posted 08 July 2020 - 03:07 PM
Frankly, today's action was very confusing. I made some money earlier in the morning shorting IWM and then stayed the hell out. I saw some things that suggested a counter-trend long in IWM, but I did not take this trade out of caution. The counter-trend long at RTY 1406 and change, would have done quite well had I taken it.
This was already a bifurcated market with FAANGM+ momo names remaining strong while all cyclicals, utilities and REITs trade weak. Now it appears the market is getting trifurcated with the non-Tech names getting separated into a strong and weak tier.
There are many weak stocks that got distributed nearly the entire day, and there are others that got stronger after the morning swoon. Perhaps interest rates will make a big move in the next day or two, and this is why stocks are acting strange.
