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Maybe I was too bearish. I didn't see today's big rally coming. I still don't understand why the market rally so hard today. What news trigger this rally? China export number was yesterday's news. Today's weekly initial claims is worse than market expected. Maybe someone knew something we don't know. Anyway, let's focus on the charts. NYSE and $tran broke their downtrend channel. That is bullish, but we need to see S&P closes above its channel, and we need to see VIX closes below 30 to pull the trigger. You do not want to rush to buy here because every time we had a big rally like todays, market got sold off hard in the next day or next a few days since May. S&P closed up 2.95%, but the volume is very low, you can see in the daily chart, volume of these big up days are getting lower and lower, that is not a good sign. Tomorrow we need to see S&P breaks its downtrend channel with strong volume, otherwise history will repeat itself.
Following my channel, I bought another 5% TZA calls today. Let's see how it works. |
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