The action is clearly bearish. I shorted earlier in the day and I will ride it out for all its worth. FMHR has 3 to 1 bulls, despite the sluggish action. I am seeing call buying increasing over the past couple of hours. The volume is very low, despite it being options expiration. Looks like the sellers are waiting to sell a rally. The market seems to be setting up for further selling. I am bearish here for the close.
P.S. - If we don't have a selloff in the next 3 hours, due to options expiration effects, I expect heavier selling on Monday.
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I love following your blog. Agree with you and I generally look at 1:30 for a reversal and if none it will usually continue the trend for the morning. Thanks for your time and effort.
I thought you would look to get long here dawg.
I revised my cover target to 1000 now.
NYSE Adv: 1013.. Dec: 1954
Nasdaq Adv: 943.. Dec: 1666 as of 2 PM ET, after this little bump up.
Breadth is poor, small caps continue to underperform, OIH is notably weak today, and oil is selling off into their close.
This market has avoided a selloff today, Monday should be a classic post expiration hangover day.
Could this finally begin an IT selloff which takes SPY to its Sept lows like IWM, IYT and SMH?
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