I have a little more time this morning, so I've been charting my ass off, trying to get caught up.
I still have several side projects going, but I'll continue to let the public charts area auto-refresh, and check-in when I can.
Reviewing yesterday's trade: We saw a little shakeout at the open, to my secondary target (the 50 day moving average on the $SPX), and the $VIX actually broke out above my red-line (17.50), but only for an instant. From there we saw buyers rush in.
We also saw the 200 day ma tested on the $RUT, and that triggered program buying.
$SPX - We're seeing what looks like a little breakout on the 5 min chart, but the trend remains down on this 10 min chart. I'm calling this rally a suckers rally in wave 2, because it looks like an east call. Whether I'm right or not, remains to be seen.
If wave 3 comes next, then that little blue channel is going to break, as is the 50 day ma, and the $VIX will break out in a big way. If that doesn't happen then maybe this is only wave 1, and we'll get a another rally, when money is put to work at the beginning of the month.
$SPX - alternate wave 1 target. Support @ 2929. A gap fill as mentioned yesterday, and a pattern I'm not a big fan of - a bearish (immature) H&S pattern.
Netflix! - I wanted to take a closer look at this one, since a couple weeks ago, I called out Netflix at the lower bullish channel line on a long term chart, but that trend broke in short order, and all I hear about is how Netflix is down every day, and more downgrades....
Funny, Bloomberg doesn't report when $Netflix is up 4%, anymore than they point to the $SPX rallying off the 50 day moving average, yesterday! This reminds me of $CNBC telling folks not to buy beaten up energy names, the week before a massive short squeeze...!
Speaking of the worthless cable news shows. Today CNBC calls this "whistle blower", nonsense the most important story of the day? Not sure what that has to do with the price of tea in china.
Here's a story you may not have heard:
J.P. Morgan Banksters Finally Hit with Racketeering Charges– Better Late Than Never!
That's all the time I got, and hardly scratched the surface...
Take care,
AA
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