On Fast Money today, there was a big flashing red light. No one seemed too worried about today's selloff. A pause that refreshes. Month end rally. FM Technician was positive despite growing weakness. I was expecting more panic due to Greece but hardly anyone mentioned it.
Today we had low volume, which is a change from the usual high volume on down days, low volume on up days since March 2009. And I have rarely seen a good stock market bottom happen on low volume.
Still expecting us to crack 1300 sometime later this week, probably by Wednesday. We may make a panic low by Thursday or Friday when traders reduce risk ahead of the Memorial Day weekend.
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3 comments:
?? Owl I just read the highlights of FM on the street.
This was the title "Fast Money Recap: Gloomy Outlook"
EVERYONE was concerned on the move lower. Except the Chartist, Carter Worth.
And I'm sticking with my call that we rally this week and sell off harder in June and maybe into July.
July might trade like April.
Rally time August-Dec!! New highs.
Seymour and Finerman thought we would have a month end rally, or markups. Teranova thought it was a pause that refreshes. Adami was gloomy, as usual. Worth was bullish.
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