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This is serious:
Total breadth peaked at +2300 on the open and
with the round of selling that started at 2 PM it has fallen to +83. Total
breadth did not confirm the mid-day push higher and we are seeing a heavy wave
of selling come in.
Our SPX Short in the form of a Long Position in the SDS is in
place.
The NDX fell through 2168 and is accelerating lower. The QID
was about 36.40 just after that happened and we will use that as the entry
point.
We are now long the QID at 36.40
AAPL is a major driver of the price drop. It fell over 15
points in a half an hour. It is ironic that this happened as I am working on a
piece discussing “liquidity” for tonight’s report.
Let’s go ahead and close our long positions on HURN and WFR.
HURN hit our stop price Wednesday and closed above it. Let’s go ahead and book the
gain, ~76.30 as I type. WFR is trading lower today, ~62.89 as I type.
The Tick index dropped down below -1,000 and that suggests
some sort of program sell added to the market weakness.
The SPX has gone from a new high down to its defining trend
line, from which it bounced on Wednesday, in about half an hour. While the
rally may not be over, the skittishness is enough to conclude it has very
little if any life left in it. Seeing the SPX close below 1560 will be an aggressive
signal the uptrend has come to a close.
More tonight
Jim
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