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Strategies & Market Trends : John Pitera's Market Laboratory
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John Pitera
To: John Pitera who wrote (19253)5/17/2017 9:03:43 PM
From: The Ox1 Recommendation  Read Replies (1) of 33421
 
a number of us have been expecting this type of reversion to the mean type of corrective activity...... this is a politically driven rumor and with the Republicans in the house..... they are not going to impeach Trump.
Couldn't agree more....especially since anything approaching "impeachment" would be 15 months (at least) down the road....

I think today was more about "overbought" than anything else. Here's one of my posts from 2 days ago:

Message 31107993
QQQ up 47% since last Feb lows, 25% since the election and about 6.5% in the last month:
Here's another from last week:

Message 31103040
5/11 I would add that VXX hit a very short term downside target (below $14) which was generated on the last move up over $18. Very possible to see high $15s or more soon....
VXX closed over $16 today. Not at all surprising to me.

Statistically speaking, we've simply been following the normal script. If we get a major backfill, it's overdue. Let the press tout "Trump bump, Trump dump" but don't let the emotion sway your trading acumen. If everything rolls over, be aware. If it doesn't and BTD surfaces....well....geez...do I need to say anything else? <g>
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