The market leaked today as fears of the end of QE got disseminated. Spain was also a worry because they didn’t sell as many bonds as they would have liked. We’ve all seen the Europe movie before, but the market is always looking for something to worry about. We’ll see if that worry grows any hair in the coming days.
The dollar was strong today (but in my opinion should have been much stronger) after the Fed minutes, which to me bodes well. I think the market had a hangover from the Fed yesterday.
The S&P double bottomed on the 10 minute chart at around 1:30PM and then we managed about a 7 point S&P rally. AAPL also came back and tried to get moving. We’ll see if the bulls can continue the late day rally attempt tomorrow.
This is a weird week because we have the monthly unemployment numbers on Friday, but the market is closed, so we have no way to trade it (unless you traded futures). So we may see some real choppy action as traders square themselves off into the long weekend. Odd indeed.
Anyway we took a stop today on PXP as the energy stocks as well as physical crude got taken to the woodshed off the stronger dollar.
I will strictly be in day trade mode tomorrow, so if you want to follow along with any potential ideas on that front, just enter the chat room. No guarantee I will have any, but you never know. Today we made a little spending money with TQQQ and FAS as day trades.
Please check the P&L for any stop adjustments and I will see you on the chat in the morning. Have a great night.