See 10 minute chart above
Equity indices halted their two-day win streak on Tuesday with the SPX losing 0.2%. The S&P surrendered its modest intraday gain during the final hour while the Nasdaq Composite (-0.1%) settled just ahead.
The iShares Nasdaq Biotechnology ETF (IBB 341.92, +3.07) jumped 0.9% and helped the Nasdaq Composite display relative strength throughout the day.
In addition to receiving support from biotech, the Nasdaq benefited from strength among chipmakers.
One great tip to embrace is this:
“It’s not where they open them, but where they close them”
It was a lousy close, but futures now are flat. I don’t really know what sold the market off so suddenly today, but at 2:20 PM it all sold off hard, not a good sign.
No volume though….
Today’s participation was well below average with fewer than 650 million shares changing hands at the NYSE floor.
FOMC minutes from the latest policy meeting will be released at 14:00 ET.This is always a fun thing.
I think this market rips higher into year end. You know my feelings, I buy dips. 2016 will be a short, and if you need guidance on this strategy, you are not alone. I will be educating all off you accordingly. A market crash is forefront in my mind. This bull market is almost seven years old and I am waiting for the massive blow off top that will eventually come. We will make a fortune.
I was short 2008-2009 and it was glorious. They go down faster than they go. up. Fear beats greed, every time. Human nature. Staircase up, elevator down.
Thoughts to think about kids.
See you in the morning.
Really good below