Posted by DigiNomad on 9th of Aug 2023 at 02:15 pm
Bounce on the print tomorrow would probably be a great shorting
point. Likely would bounce right up to broken support / underside
of the channel line....and looks like that would potentially create
a MACD Kiss setup as well. Unless energy calms down quickly, a
light CPI print tomorrow will have about the same effect as all
these earnings "beats" on lowered expectations. The initial impulse
will be to buy and then traders will realize the next print is
going to be a problem. Obviously, the Fed is clearly aware of
the building inflationary pressures and won't act solely on a light
print tomorrow (although many talking heads will whine about how
they should on TV tomorrow)
Posted by fredsaid on 10th of Aug 2023 at 12:28 pm
So far so good on this on Digi but given the symmetry break I am
expecting we'll find footing somewhere and get this rally going for
at least a few day vs. just rolling over here.
Posted by DigiNomad on 10th of Aug 2023 at 01:13 pm
I tend to favor a short term bounce myself, but we did bounce
strongly today and tag the underside of the broken channel
line...as expected. Maybe that was the bounce? We'll see.
CNBC refuses to say anything but "better than expected
inflation numbers." Very little about future expectations. The
sales pitches continue.
Bloomberg is a bit more technical and less sales focused.
Unfortunately, they run a lot of political stories (with a hard
left bias) and harp on climate change topics incessantly.
Bounce on the print tomorrow
Posted by DigiNomad on 9th of Aug 2023 at 02:15 pm
Bounce on the print tomorrow would probably be a great shorting point. Likely would bounce right up to broken support / underside of the channel line....and looks like that would potentially create a MACD Kiss setup as well. Unless energy calms down quickly, a light CPI print tomorrow will have about the same effect as all these earnings "beats" on lowered expectations. The initial impulse will be to buy and then traders will realize the next print is going to be a problem. Obviously, the Fed is clearly aware of the building inflationary pressures and won't act solely on a light print tomorrow (although many talking heads will whine about how they should on TV tomorrow)
So far so good on
Posted by fredsaid on 10th of Aug 2023 at 12:28 pm
So far so good on this on Digi but given the symmetry break I am expecting we'll find footing somewhere and get this rally going for at least a few day vs. just rolling over here.
I tend to favor a
Posted by DigiNomad on 10th of Aug 2023 at 01:13 pm
I tend to favor a short term bounce myself, but we did bounce strongly today and tag the underside of the broken channel line...as expected. Maybe that was the bounce? We'll see.
CNBC refuses to say anything but "better than expected inflation numbers." Very little about future expectations. The sales pitches continue.
Bloomberg is a bit more technical and less sales focused. Unfortunately, they run a lot of political stories (with a hard left bias) and harp on climate change topics incessantly.
Thats enuff red into close
Posted by fredsaid on 9th of Aug 2023 at 03:46 pm
Thats enuff red into close to stick with my plan. Weak report and pop till u drop.
I went more long based
Posted by steveo on 9th of Aug 2023 at 02:28 pm
I went more long based on SPY insisting on staying in the channel. A break on this channel and I am short