We're not quite dead yet are we? I'd expect the trend line to start flattening out (meaning down days to bring the average down). I'm watching for the moving averages, and we've got one more to hold or fold through (32EMA) We're still in markup and there my be one more Lazarus move.
I've enough puts to be happy if we go down, and enough longs to not be nail biting.
3 comments:
Indicators say that the selloff so far has not relieved the overbought condition. I would expect any early weakness to be bought unless data comes in not supportive. Let's see what it looks like end of week.
We are so far above MAs that new lows are not going to show us much. Summations better right here.
MarkM
Summations?
Summation Indices.
See Ritholtz for his note today on New Highs. Mirrors mine.
MarkM.
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