As you can see from Dave Fry's SPY chart, we had a wild ride yesterday with volume on the sell side and then the bots taking us back up to finsh the day back where we started. We were fortunate enough to be skeptical in the morning (see yesterday's post) and our Futures shorts (see early morning Tweet) were all massive winners.
We even had fun teaching Futures Trading Techniques in yesterday's Webcast but, as you can see from the chart, our 1-2:15 time-frame was nowhere near as exciting as the morning session had been!
It's a wild market ride in a generally newsless week and earnings are sending us flying every which way. As Dave notes in his morning post:
"There is a battle of pundits taking place as bulls and bears duke it out for headline honors of accuracy. Goldman Sach’s David Kostin maintains his bearish outlook for stocks saying: “The S&P 500 is overvalued by by almost any measure.”
Meanwhile Bank of America M/L’s Macneil Curry tells stock investors to “watch out” as seasonal turn much less construction once February rolls around. Like many others he judges complacency to be near the traditional levels that lead to corrections. In between was
Bloomberg’s Richard Yamarone warns, “It looks like this year’s economic horse will pull-up lame”, adding, “The Bloomberg Orange Book Sentiment Index has been running below 50 for 49 consecutive weeks which implies a stagnant growth rate in GDP in the 2-to-2.5% range.” This he ventures implies a lack of desirable growth in real disposable personal incomes."
