Market Update

Like that asteroid passing some 14,000 miles from earth, which is a hair, today is a little too close for comfort, this is why we plan our trades and trade our plan. I've seen, both on the charts and in research papers I wasn't supposed to see, how far in advance Wall Street plans their trades, if there's one thing I have learned and have to keep learning, it's patience.

I'm not chasing anything here, especially when most positions are set and whatever room there is, is reserved for really amazing entries.

However, there are quite a few things that are a bit too close for comfort. The market doesn't react yesterday to the Global GDP dump/recession, but WMT says their sales stink and the market flops. While you may or may not be impressed with the % of stocks above their 40 sma or some standard deviation of that all falling big time, that's one of those things that I consider to be in the category, "You have to see what the crowd missed to make money" and a few other recent charts just have the feel of walking on thin ice and at this point, not knowing if a WMT internal email about sales or a carry trade going south is going to break down this market, but I'm not budging from where I'm at.


There are some impressive charts in the volatility ETFs, and these few below are scary, if I were a bull...

 DIA

 IWM

QQQ

 SPY

The first time in over a week the TICK has hit in the -1250 area...

There are still a few positive divergences that I think are probably enough to hold together for now, we don't know what the g20 does, but if experience is our guide, not much. The thing is, when those divergences, the few that remain that offer hope of some entries on the short side at better prices, break, there's not much left.