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Strategies & Market Trends : General market lab and commentary

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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From: Robohogs	1/26/2016 11:23:05 AM
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I posted this on wrong board. On Bio V. For those just seeing this, Chinese mkts have crashed again over night. An old colleague, Patrick Chovanec sees 2000 in time and DeMark sees 2500 near-term. Chovanec is a fundy guy and DeMark of course is a techical one. US futures were beginning a freefall about 4-5 am NY time below a key Fib retracement kevel from last week's rally but that move for now, appears to have been a false move that flushed stop losses. Most folks see a line on a chart and think all is done .25 points past that line. Most of the time these are ranges and the mkt does its best to offside folks. Folks on a futures trading site I monitor were getting giddy and now are crying. They have no sense of the bigger timeframe perspectives or what a move might actually mean for the real world. I will repeat, for myself as much as anything, if 1812 does not hold for even 1-2 weeks, things could get very ugly. The 1812 low should be a major low, if not THE low for this move. I now think we may go modestly lower as economic data ticks over a bit. The weakness of the rally also is giving me pause, but this should sustain for a few weeks. The US futures had already started recovering, but news OPEC seems to be thinking about price again helped it move back up. Btw everyone is worried about Iran. My understanding is its oil is high cost. Initial sales are coming from inventories. They also get their $150 billion back. It is unclear that they will produce full out, and in fact currently, they are not. I will adjust entries into Apple if needed given extreme moves. Jon

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