DEAR S&P: CAN I HAVE THE HOURS OF TIME I SPENT THIS WEEKEND RESEARCHING SHORT-TERM TRADING SETUPS BACK?
There's nothing good about days like today. You have surprise news events that drop the markets on their heads in the morning, followed by an effort to pick up the pieces for the remainder of the day. What is left are trading setups that become obliterated. Your longer-term positions experience excess volatility that causes mental anguish. What started out as a day that looked like a nuclear bubble bath turns into your run of the mill down day within a bull market.
You wouldn't think so by looking at the general market averages along with the financial news headlines...but today was a victory for the bulls. I will be illustrating the reasons why I think so later tonight. Judging my how adamant the market was to close on its highs today in the face of a negative news event, it seems the bulls are still in control.
The bears need to seize control early tomorrow morning and retain it for the entire day in order to bring the ball back onto their side of the court. They have had numerous chances to take this market down over the past couple weeks and have failed miserably every single time. This is an example of the market speaking....are you listening?
I'll be posting some chart illustrations later.
