Turn Off The News

Democracy protests intensifying in Hong Kong. Independence referendum in Catalonia, Spain. I hear these things and think GOOD.

Yet we're told these things are bad. That they're the reason for the overnight rout in futures.

Yeah, right.

Go back to Friday and you'll see a weak, low volume rally. Even "more" low volume than the massive decline the day before.

Turn off the news. Listen to the market.

Friday's S&P rally got a mere 3 ticks above an exact 38% retracement of the entire Alibaba decline. The 1:1 Fib target remains at 1959.16.

If no follow through, I'll be buying calls. But lower targets are possible too.