What is a fish flop?
That's where you have a fish that is still alive on the deck of your boat and it's gasping and flopping – but soon to be dead. That is not the same as a flip-flop – in which the markets reverse direction. This is not that, this is much more like only bouncing around because death is creeping quickly towards them and they are trying to escape. Get the picture?
Amazon (AMZN) had strong earnings yesterday and the Nasdaq is up 116.25 pre-market but, on the whole, it's really nothing and that's why we have our Bounce Chart – so we are reminded of the true scale of the destruction. We should probably have one for Global Warming so people will stop thinking the problem is solved every time we get a snow storm. For our indexes, we have:
- Dow 36,000 to 34,200 has bounce lines of 34,560 (weak) and 34,920 (strong)
- S&P 4,700 to 4,465 has bounce lines of 4,512 (weak) and 4,559 (strong)
- Nasdaq 16,500 to 15,675 has bounce lines of 15,840 (weak) and
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