You have to give props to this market. It is not letting bears cover lower, as every 10 point dip is voraciously bought. Straight Outta 2013/2014. Even oil dropping $3 has barely budged the oil stocks, and a weakening Europe only served as a buying opportunity at the open.
And to put the cherry on top of this bull sundae, put activity is rather high for a flat day, showing no complacency whatsoever. We are overbought, and should be having a down day here, but so many are underinvested that any weakness is bought with reckless abandon. This market is on a mission to squeeze every last short and make every single put expire worthless. With this much buying power, SPX 2060 is a lay up.
Begging for a trip down to SPX sub 2K for a golden buying opportunity.
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4 comments:
Time to buy or a bit more down first maybe?
I would start scaling in at these levels, SPX 2000 down to SPX 1990. ES 1992 to ES 1982. Not much downside and probably will rally back up either tomorrow or Thursday.
In your opinion, do you think crude will be at $70 sometime next year?
I would give it a 50-50 chance. I do believe crude oil will go higher next year, but lots of resistance at $60-65 area.
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