OK, once I recover from my vasovagal episode, I'll do a post. In the meantime, I need to survey the damage wrought by today's huge rally.
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Strong FAS, Weak WMT
Yes, it's a pre-stitch-removal entry. Would you expect any less?
Holders of FAS will be delighted to see pre-market quotes up well over 20%. The news from Wells Fargo pushed up the whole sector (I, who have the opposite FAZ, am prepared to take it in the gut). Wal-Mart (WMT), in spite of a very strong pre-opening across the board in equities, is down nearly 5% due to squishy sales data.
From yesterday morning until now, we're up a full 40 points on the S&P. A pretty amazing ride for 24 hours! It will be interesting to see if the three-day-weekend jitters compel people to take profits or not. I'm off to the doctor soon, so I'll see you post-op.
Great Moments in Tax Preparation
I was honestly faced with the following while finishing up my taxes………..
In Stitches
Just a heads-up that I've got an appointment first thing in the morning (taking me away from my beloved charts during market hours – grrrrrrrrrrr) to have the stitches removed from my unfortunate incident 10 days ago. I'll do a post once that's all done with. Pray for me.
Head-Butt
Well, we got another end-of-day push, and my big, fat intraday paper profits disappeared Houdini-style. Meh. That's the way it goes.
Looking at the /ES daily graph, my view is that today served the purpose of retracing back to the broken channel. Now, in recent weeks, two black candles have been all that's been required for the market to blast higher. That could happen tomorrow.
But if it doesn't happen tomorrow, and we wind up down, that's bearish for two reasons: (1) it violates recent bullish behavior, which has been very consistent for over a month (2) it affirms the importance of the broken channel.
That's it for me. Good night!
