Got long a bit early this morning on the ES, buying in the 1953-1955 area, but overall, feel like a good enough entry point to weather any further storms before the move back higher. Noticed the VIX is acting fairly weak for such a move down this morning, looks like capitulation in the Treasury market, with a huge short squeeze higher.
We may get a couple more tests of ES 1945-1950 area, and a bit more volatility, but the key will be to just hang on until the storm passes.
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3 comments:
Hi MO, can you please explain why you believe this is a flush versus the start of another down leg. ES appears to have hovered around the 50 day for a few days and now there's a decisive break downward.
This looks big. Maybe we are going down to test the 200dma before a run up into xmas??
In the middle of the storm. The key to buying these dips is to weather the storm. Everyone is for sure beared up after today. Ebola crisis?
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