Besides a small handful of extraordinarily-skilled day traders, does anyone actually LIKE this market? It’s gone totally off the rails.
For myself, I had a good day. Having survived Wednesday, which was absolutely god-awful, I was pleased to make some good profits today (Thursday), particularly from the likes of Dollar Tree (DLTR) which was by far the biggest winner. I am in 70 positions, all of them short.
To catch up on a few major indexes: the bulls are still in the driver’s seat on almost everything. There have been hardly any bearish crossovers at all. Not on the Dow Jones Composite……
……….or the tech-heavy NASDAQ Composite……
………and certainly not on the Russell 2000 small caps.
The S&P 500 cash index is likewise steadfastly bullish. We need to take out Tuesday’s lows to turn the tide, folks.
The Dow Utilities remain the odd man out. The moving averages are in full-on bear mode, and the prices have been hugging those same lines beautifully. Indeed, the explosive move higher we’ve seen over the past two weeks has tagged the underside of the slowest-moving of these lines, the 200-day exponential moving average.