Dips should still be bought, though it remains devilishly unclear as to where to set a stop.
The best and clearest wave pattern at the moment is the December e-mini contract which suggests that only a poke below 1717 would raise concern.
On the cash S&P, the 61.8% Fib extension target is 1738.76 and there is a confluence area up to 1748.44.
It appears the S&P will gap slightly at the open, so I will be watching how it acts around 10 am EST and again at noon EST. Any weakness around those times could see a pullback.
I scaled out of some SSO yesterday, as well as a bunch of SPY 175 calls. Still holding some. May add some more given a chance.
Credit relative to equity (HYG& JNK vs SPY) is ripping. A/Ds looked good yesterday, but today I wouldn't be surprised if they fade.
House flipping is back, only this time it's with high-end homes worth $2 to $5 million.
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