When the day started, I was dreaming of a nice landslide to downtown, but I ended up with bread crumbs as equities rallied the remainder of the day. -g/ng-
It is interesting to note that the NDX broke down to ~2290 last Tuesday, April 12, intra-day. That low was tested on Thursday and Friday (April 14 and 15), with sharp intra-day bounces off of ~2293 on both days. Notice that the NDX closed today at 2292, above the intra-day low for last week. There seems to be strong support around the 2290 level for the NDX.
Likewise, the ^GSPC experienced an intra-day low last week of ~1303 and it closed above that level today at ~1305.
Remember the "just buy the f*cking dip" animation? Well, those intra-day lows that I mentioned for the NDX and ^GSPC last week, as well as today's lows, all occurred in the mornings, with substantial intra-day rallies noted thereafter.
The amount of broad-based buying after the morning lows, and especially into today's close, was amazing.
Until QE[n] ends, if ever, who really knows what tomorrow brings? I suppose that owning physical items (e.g., land, precious metals) instead of paper, promises, and ideas is the best plan for now.
It's tough to win on the short side while fascism dominates the U.S. government and the central bank. -ng- |
