Probably see a relief (market) rally Monday, once the hurricane damage is known.— Anthony Allyn (@3Xtraders) September 8, 2017
This Tuesday morning we're seeing futures up by 3 points. Looks pretty weak, and I suspect we're seeing another pump and dump.
I could care less if the S&P hits 2500, but these round numbers get a lot attention on the trading floor, and gets reported as bullish, by the fake financial news.
I put a bullish channel on a 1 min chart, and this is what I came up with (see the chart below).
$SPX
The $VIX held support I pointed out at yesterday's open, but will probably take out the $10 target.
Emerging markets, and global utilities have lead this rally, another great prediction... They made new highs yesterday. I don't like the chart. I don't even like it if it breaks out and holds up for 6 weeks.
It seems like years since we've seen even a 10% pullback. It's actually been 15 months, and I've remained bullish since the 2016 low. I'm not chasing this! I'm preparing for the next global financial collapse, or worse. I mean I'm stockpiling food, and whatever else I think my family might need when the shit hits the fan. I suspect we'll see a sharp correction, and another rally in 2018, but it's better to be safe than sorry.
I'll be away from my desk most the day.
If this rally continues we'll continue to try to find the top, but I have no interest in chasing it.
AA
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