I'll be out early today probably until about 11 a.m.
We have a lot on the economic calendar. Asia and Europe were up on strength in China which showed a gain in the US futures, to me this means nothing, I've seen these early furtures gains erased so many times that they're nearly useless. As the eco-data comes out things will shift. Yesterday we had a nice gap up and a straight line of selling fm there. So don't sweat the futures.
I'll be back in a bit.
5 years ago
4 comments:
Today we look to be testing the FED's resolve. The transports are leading the market down, but they are trying to keep the DOW afloat. For how long,remains to be seen. It looks to dip below the negative line here shortly. Right on que, here comes some money into the market. I think they might have a problem as more and more traders will be looking to lock in some gains. It will be a stampede. I predicted this would not reslove until 10/1 so lets see if it can find the legs to go down.
NEW YORK (MarketWatch) -- Individual investors increased their holdings of stocks in September to the highest allocation since April, according to the American Association of Individual Investors. Investors held 55.2% of assets in stocks and stock funds, up from 54.7% in August but still below the historical average of 60%, according to a survey by AAII released Friday. The S&P 500 Index had the best September returns since 1939. Assets held in bonds and bond funds also rose, to 24.5% from 21.2% in August and the highest since May. The long-term average allocation to bonds is 15%, according to AAII. Cash allocations declined to 20.3%, while the historic average is 25%.
Both the spy and apple look to be forming a bearish looking ascending wedge the may move they market soon. Keep an eye on them.
Looks like they are up to the same tricks. Let it break below and bring it back in. Let's see if they break it to the upside to suck in some more longs.
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