Now that we have the Obama factor eliminated for the short term, the market will be focused more on technicals and China. China looks very weak right now, and it doesn't look like it will spike back up anytime soon. Looking ahead, the China factor could cause a few more gap downs in the coming days.
We probably will have a sigh of relief rally for the first couple hours of trade, with Obama out of the way. But I don't think it will be all that strong. After that, I am not so sure, but I wouldn't want to overstay the long side. It will probably be a sell opportunity. I have changed tactics for the next few days. I will be looking to short rallies, instead of looking to aggressively buy dips.
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2 comments:
Owl, I was just wondering -
Do you think we are going back to the 1085-1090 to 1110-1115 SPX range, for a while ?
Thanks
I think we're going to break 1080. Probably by tomorrow.
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