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Strategies & Market Trends : General market lab and commentary

SPY 683.39

+0.5%

Nov 28 4:00 PM EST

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From: Robohogs	1/21/2016 4:06:10 AM
	of 668

For those of you in US, you have missed lots and lots of action. I awoke at 11EST (noonish here) to mkt up 1% in overnight futures. I went to do some things and came back 3 hours later to futures 1% down (2% swing). Then it went green over next half hour. Now falling hard down 1/2%. Volatility has become extreme. On separate note, I use free site investing.com for free Globex quotes. They have a daytrading board site. Nutso smorgasborg. Unbelievable. They boast of hundreds of thou made when they appear to be wrongfooted 80% of the time. Quite hilarious reading. I read for humor and one guy who seems ok. Maybe fib and EW stuff. Predictions for today and tomorrow are all over from 1900s to low 1700s. The joy at calling for investors to get schmeissed is disgusting. A good trader calling for collapse on Twitter - JC something - was taunting longs today. What is wrong with people? Why take such delight in others' pain? I pass this daytrade garbage along to make the point no one knows. I personally believe a bottom (likely not THE bottom but A bottom) has been hit. I personally think we re-test maybe today or tomorrow and again in a few weeks. Best scenario would be less momentum into a minor new low in a few weeks: my current hope. Kass has been very good at calling turns including being a few months early in this down move. He thinks we close year around here but seems to think a tradeable low is here ST. I still think recession can be avoided and we rally back toward 1900-2100 after the re-test. I admit some of this is hope. Final thought: the market is working off the oversold by being flattish. Actual index levels have not moved much since late last week. This is bearish if we cannot gather some room higher. That being said, indicators I am following are still at bottom if page as downward momentum still impacting signals. This has likely kept us from a real crash this week. I will be back near the open with some links and any more thoughts (like oh well, low for this week not in, etc.). ECB out before the open. Jon PS. Back at lows of day as I finish up.

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