So is This Bearish or Just More Chop? #SassyMusings 5/20/14

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  • Well well well, what do we have here? SPX once again remains in chop.
  • Today was a good day and it’s because I stuck to my plan and didn’t let noise shake me out this morning (which I have done many times before).
  • The morning was weak, but then we began to recover and I saw most of my stream calling for a buy the dip opportunity. However, I remembered that last week a similar thing happened. The high flyers were going higher and breadth was staying week. I fell for the trap last week; this week I didn’t. Plus I mentioned over the weekend reasons I was neutral to bearish here.
  • I did try to give my public twitter feed heads up with this tweet around 10:30 am. Screen Shot 2014-05-20 at 2.54.40 PM
  • Anyway, hopefully no one got too hurt out there cause I don’t want to see anyone lose money, especially all of you guys reading this that follow me.
  • Here is some open interest spam. None of these include today’s trades since the data not yet available. AAPL.5.19fb.5.19lnkd.5.19nflx.5.19
  • Chart of the day: I have two. 1) Will this MACD cross mean anything this time? 2) The box Screen Shot 2014-05-20 at 4.04.25 PMScreen Shot 2014-05-20 at 4.02.31 PM
  • Tweet of the day: none. Didn’t see anything today that made me laugh.
  • Regret of the day: None – Woot!
  • So what’s the deal for tomorrow? Who knows. In this market we could easily be back up to the top of the box (or higher), but the close looked bearish to me when you consider it along with all the divergences I have been writing about every weekend under Brilliant Market Commentary.

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