YEP YOU! Maybe after the whole protest thing is over you and I can enjoy a peace pipe, talk about Marx and make out a little, nothing crazy take it slow see where it goes?
Ok, now to the markets!(Btw I have 5 more awards to give out)
No internals signals on the internals today.
So to the market we go. We closed the gap from Monday and fell right back after it. I am glad we got that gap filled. If you noticed that market hasn't really made any trends the last 3 days, it has been very range bound. The market is consolidating and will move one way or another soon.
Right now it looks bullish right? The market broke through 800 and my 804. Looking at the 60 Min 60 Day chart, you can see some bearish divergence of the MACD, although its not to strong but the MACD is in a downtrend. Also the market on this level is overbought and RSI has flatten.
Now let's take a gander at XLF the infamous Financial Stocks! The head of the economic beast!
Today this skank closed right at the downtrend line. Today it opened below the support of 8.67 and moved above it. But look at the volume!
Take a look at the 60 Min 60 Day on XLF, looks like SPX, MACD declining, overbought and hitting resistance.
Tomorrow is the big M2M meeting, where if it is repealed it banks can now say "This P.O.S is worth $100 billion" when a day ago the same bank said "I am using this P.O.S piece of paper to wipe my ass". One sector that could send the market lower is IYR:
IYR- Check out the pattern going on. IYR hits the 50EMA falls, second time it does this falls a little more, third time it falls a lot. Could the 4th time be a charm. It is sitting at support, below its 50EMA and 20EMA, that is bearish in my mind. Watch this sector, it could lead the market down.
XLV- This stock is either going to break out or down. It's been in that tight range for a while and it wants to move. It's a buy above 25 and sell below 23.50. I am leaning towards down, it might want to fill that gap and today was down as the market was moving up all day.
As for me, I sold my puts when I saw that WTF move in the morning and bought some calls today, but I bought some Puts towards the end. For two reason I am want to get hedged, and I like the price I got on my calls. Still short XLU, long LEG and short DOW
