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Here are the WEEKLY HEAT MAPS updated as of last Friday’s close: NVDA is the only stock overbought, Crude Oil is also very overbought but the Iran situation is a factor in that, so it could go higher.
Broadly speaking 50% prob. of reversal is where a transition starts to happen, from neutral to oversold or from neutral to overbought, however >50% is when the probability of reversal becomes good, the chance of a sudden reversal rises.
Having excitedly watching the Weekend Dow plunge to a loss of over six hundred points, it was a real bummer to see that, once the market was actually open, the loss was about one-third that amount. That is precisely what I was referring to when I wrote on my post early this morning that, “Weekend IG is often a very, very crude proxy of what actually happens when the futures markets open on Sunday evening“. Q.E.D.
Below is a chart which future generations as well as younger traders of the present day will consider science fiction. It illustrates that the S&P 500, in the span of well less than a decade, had two bear markets.
These bear markets were not measured in minutes, hours, days, weeks, or even months. They went on for years, plural. These days, any drop lasting more than a few dozen hours seems foreclosed by Keynesian decree.
Good morning, everyone, and Happy Friday the 13th! The Fourth Turning is ramping up stronger than ever, and over the course of just 48 hours, the market has turned into an endlessly annoying bore-fest into something electric, exciting, and fun.
Of course, the mega-news last night (for which the world was only provided ceaseless warnings for at least a full day in advance) was the Israeli attack on Iran, which sent crude oil screaming higher. As is so often the case, the reaction was overdone, and about half the “screaming” has left the building.
