This is not your normal pullback. The reason I say this is because we should be getting a lot more volume on down days than up days. But we're not. Can you say yesterday was a down day? It was mostly flat. We got more volume yesterday on the upside try than on Monday when we got whacked. That is not healthy. It tells you a lot of overhead supply is waiting to sell on a rally. Today in the premarket you can feel the sellers coming down on the gap up as the US open nears. Just 3 hours ago, with ES at 1321, you would have thought, ok, we have a gap up and go scenario coming up. Now, we're at 1316 and it looks like a fade open off a mediocre gap up. Big difference.
This pullback still has a ways to go, we either need to get traders more bearish by going lower. Still see yesterday's overnight lows as targets on the downside.
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8 comments:
Today in the premarket you can feel the sellers coming down on the gap up as the US open nears.
Yes; early positive sentiment feeding off upside in overseas markets has often been sold into during recent premarket sessions (I looked very early today, and futures had the DJIA up 150+).
But premarket often does not mean all that much -- I've seen that over and over again.
Same script in Italy as Greece. Frontrun the vote, sell it on Fri.
Yes, usually premarket doesn't mean much if this was a normal market. But you have HFT and bots ruling this short term game. They sure care about the gap ups and downs. Otherwise, you wouldn't see so much follow through on the gap ups over the past 2 years.
Italy austerity vote changed to tomorrow. Thursday.
BTFD
Still think we're going to see yesterday's overnight lows?
Yes, I do. I don't know if it is this week, but Europe will rear its ugly head again.
Italy austerity vote is a dog and pony show. Trying to fend off the speculators. I don't think anyone is expecting it to NOT pass.
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