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Well it has definitely been a week to remember, with the coronavirus outbreak taking position front and centre. I was expecting a strong reaction as and when this penny finally dropped, though not this fast I have to say. Let’s review the bigger picture on SPX first.
On the bigger picture I was noting (notes on the chart) at the start of February the stats after the relatively small decline that we had just seen, and we saw the 20% odds reversal candle that sometimes follows such a decline. At that point there were even odds of resuming either the weekly upper band ride or the decline, and SPX has taken the second option, and is now (overnight) below the lower target at the weekly lower band in the 2950 area.
Below are the percentage gains from the 60 shorts I posted about last weekend, sorted by percentage gain from my entry point. This has been a week for the record books. Thank you for sharing it with me.
In all the mayhem, and all the thousands of points lost, there is one stock which has been freakishly, eerily, strangely rock solid. Netflix! I’m not asking why. I’m simply reporting it, with more than a touch of amazement.