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aussiebear

World Stock Markets Trading Discussion - Haunted hallways

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We've had a bubble in the FAANGS.  Now it's collapsing.  It was a concentrated institutional bubble that reminds me of the Nifty 50 in 1972. That was also an institutional bubble in which the retail public played no role.  

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The 2 day cycle up phase has been very weak. I'm expecting another bounce in the 3 and 5 day cycle SWUPs. The question is from where. 

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Totally off the wall but Lee, have you ever run your analysis on the ES or SPY.  One can agree or disagree that the derivatives tail is wagging the market dog but a comparison can't hurt. Of course it's a lot of work.

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Can't see how anyone that bought Friday's weakness didn't get stop out today.

There's a lot of risk holding a long position with a chart like this. 

 

Support at 2790.  If that breaks, all hell will break loose.

post-1444-0-71260300-1532967956_thumb.jpg

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Bank stocks still very strong. JPM looks like it's trying to hit its 52-week high. But credit agencies MCO and SPGI have taken a big hit. Selling is just getting started in the credit card and payment services sectors. And brokers not looking healthy.

 

Small biotechs have just gotten clobbered. Hope to pick up some deals after we are done with the down phase. Large biotechs not hit badly so far. XBI  small caps down to $93 now. But FBIOX large caps are holding up. Not time to buy yet. But genetic engineering stocks are a deal already and antibiotics are getting wasted. Not bad prices on CRSP, EDIT, CORT, NBRV...

 

TSLA looks broken. Hoping it goes to zero.

 

The "Cloud" sector is getting heavily sold. These investors are fickle and run as soon as they see a turn. But they have a great ride on the way back up.

 

Small caps alreally got hit last week. MKTX, HEI A (Haico A) and ELLI are already back in my buy range.

 

EDIT: I take that back about HEI A - forgot there was a stock split recently. It is not at all in my buy range.

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Totally off the wall but Lee, have you ever run your analysis on the ES or SPY.  One can agree or disagree that the derivatives tail is wagging the market dog but a comparison can't hurt. Of course it's a lot of work.

 

Sure. No work at all. I've done it in Tradestation. The futures lead but only by seconds. Sometimes they lead moves that don't happen too. SPY follows pretty instantaneously. The averages are caluclated, so they're last, but again, we're talking seconds. It's not material to swing trading. Only matters to futures scalpers and bots. 

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I misread the last trendline. It's 2801, but always need to give a little leeway. I think 2795 is more critical. There's airspace to 2784 below that. 

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