So I guess the market will never go down again on a Tuesday. we have been green every Tuesday this year. Five hours left. So place your bets.
Yesterday was nuts, up open, vicious sell off then a ride to the highs in the $SPX, The Russell and Nazzy bounced too, but still look heavy. How could they not? Some of those stocks still go down 7% everyday.
On the other side of the equation, the $SPX is only 20 handles from all time highs and the Dow about 100 points from all time highs.
Would be helpful if the transports moved ahead and made some new highs.
Biotech $IBB continues to hold that 200 day moving average.
If that breaks expect another thrust lower.
Evidently there is a huge short position in the Russell 2000 and I love to hear that as a contrary indicator….unless of course they are spot on correct.
Keep your seats and tray tables in an upright position, because I think things will get interesting soon.
Right now its all chop.
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