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OK, this insane week is over. Today was just a sawtooth blade, ready to chop traders in half. I'm glad I avoided any big positions. I am entering this weekend with nothing substantial, either bullish or bearish. Just a lot of small plays.
I'm going to do my spotlight session soon, but I'm not going to do a post until this weekend. Thanks for swinging by, and I'll "see" you probably on Saturday sometime.
Today has been brutal for a lot of people. I've gotten whipsawed a few times myself. The worst was when it seemed the market was about to finally break out big-time, so I bought SSO and QLD. Soon after, I noticed this little item in the comments section:
That was eerie, since that was just a hair above where the market was trading when I read the comment. And – wouldn't you know it – WOOMP! – it immediately started falling.
Before anyone even asks about 2sweeties, here's his site.
Sorry if I seem asleep at the wheel. I'm not. There's just very little to say. But this is a comment cleaner so you folks can get chatting. Please note I will be doing a spotlight session half an hour after the close at thinkorswim. See ya there!
I think all of us, bull and bear alike, would love to see a hearty rally in the market. If the SPY, shown below, can get clearly above 100, I think a 16% gain in a pretty short amount of time is in order (horizontal tint shown). Right now the challenge is not to fall away from the lower oval I've circled, where it's trying to make a little bit of a right shoulder (the start of one).
