If I'm slow on answering your emails today, please bear with me, I'm trying to listen to the Senate hearing, see where the market reacts, keep track of positions, look for opportunities, watch out for traps, etc, I feel like a one-legged man in a butt-kicking contest.
Last night I said (and I say this often),"A reversal is not an event, it's a process", actually last night I said I don't subscribe to "V" shaped reversals, they are usually more "U" or "W" shaped, in that regard, the market is right where it should be, but it is VERY much on the fence here, one slip from Bernie and down we go, otherwise Wall St. needs the market to bounce just as we do to open new opportunities.
Right now is not a time to be opening positions, it's a time to wait this out for a strong signal. We are getting signals, but not strong, they are VERY cautiously dipping their toes in the water and I mean tippy-tippy toes.
Here's a look at the averages and TICK.
DIA 2 min intraday is slightly positive here.
The IWM is positive, but very slightly out to the 5 min chart. If you look at the yellow arrows to the left, this is what a typical reversal looks like, it takes about a day, it's not a "V" reversal.
The Q's have a 2 min positive, this really is telling us there's almost no edge either way, everyone is waiting, when 3C starts moving we'll know and this could happen in the course of me writing a post like this.
SPY 2 min slightly positive as well.
The TICK puts all of these charts in to perspective.
We have no clear trend except lateral with huge swings between -1000 and almost +1000 so it's nearly a dead heat here.
There's no edge at this moment.
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