Today was like passing a kidney stone the size of a golf ball on no meds, while being dragged naked by a Tesla through broken glass.
The McClellan Oscillator which measures oversold/overbought thingies is way the hell oversold. I haven’t seen this reading since the Age of Pericles, but then again, the market has been in a mondo uptrend. The SPX could pretty much land on 1900 and we would still be uptrending our faces off.
Here’s a peek at McClellan. Its oversold, it can stay that way I guess.
SPX broke the 50 day like a piano falling through cheesecloth. Ugly site. 1900-1925 will be your spot top lay the wood and start buying everything. Uptrend still super awesome.
Here is a more dramatic closeup of what happened today.
If you haven’t sold, selling here is probably dumb, I think 1900 holds, maybe even 1925 and then the market will embarrass the shorts once again. I wont go into all the reasons why we sold off, doesn’t matter, lets just say we were due. Until Yellen really destroys our economy (it will happen), we can still play that always fun game of buy the dip.
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