Friday at the close i posted here that i was buying in the midst of the panic selling we were seeing.
Think back to the pre-Bullard correction of October 2014. We went from what i see as Blatant fed-juicing of the market with VIX selling near obvious resistance levels, last 30 minute equity futures ramps and all the other usual tricks..to ZERO. No mysterious intervention of any kind, then the subsequent correction. All Intentional. Then once the number was hit it all came back first by first wheeling out Bullard to tell us everything is ok. Then the monster rally all the way to Jan 1st.
This time all the same… No Vol crushing, no mysterious ramps on no-volume.. We’re now at 10% correction and i smell some creepy fed types blessing us with their soothsaying presence come Monday..and it all starts again.
ASIA WILL CRASH MONDAY ON THE OPEN!! No. As we speak PBOC is planning a intervention blitz for Monday’s trading session. Maybe a slight follow through of the Western selling on the Asian open then as US equities hold their ground buying comes in.. My opinion..
And here’s more of the technical case.
Emini S&P Futures
Nasdaq Futures at Support
10 Year Notes at Resistance
Russell2000 Futures at Support
WTI Crude Oil
And to totally Geek-Out, here’s Arms index
Chart from @bobbrinker twitter feed.
To summarize.. The air has been let out and guessing one more up-leg left in this bull market..
The best charting teacher I know: