Overbought on daily again with MFI divergence. 3 hr chart is overbought as well.
It is Ponzi Friday today, so there's a chance of an afternoon rally. NQ was green even when everything else in the world went red, so this isn't the index I would short, lol. Valuation is going full Tropic Thunder for some stocks like NET, they should rename that stock Simple Jack, lol.
It is Ponzi Friday today, so there's a chance of an afternoon rally. NQ was green even when everything else in the world went red, so this isn't the index I would short, lol. Valuation is going full Tropic Thunder for some stocks like NET, they should rename that stock Simple Jack, lol.
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One thing about Ponzi Friday is that on top of 401k contributions, it's the day when funds shuffle their holdings which is why we tend to see sector rotations on Fridays. The funds tend to sell stocks going nowhere and buy into pumptarded stocks, which is why I said yesterday I was bullish on AAPL but bearish on SNAP. (Just for today though, lol)
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Starting to look like the Dot Com bubble where only pumptarded tech stocks are going up and the rest of the market is faltering. Lots of momentum trading in both directions.
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Updating because AMZN did a hard reversal. $NDX daily candlestick is now a shooting star, wouldn't hold any long positions over the weekend. We'll see what happens in the last couple of hours, market tends to go up on Friday afternoons.
Keep in mind next week is Thanksgiving week, low liquidity can work in either direction,.
Keep in mind next week is Thanksgiving week, low liquidity can work in either direction,.
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... and I should have held those SNAP puts, lol
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Powell pump, lol. 40% of my watch list is red though, the market is going parabolic by pumping the crap out of popular stocks while selling off garbage.
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Pump and dump, lol.
Low liquidity because it's a holiday week, if the algos dump futures this week, it could get really choppy.
Low liquidity because it's a holiday week, if the algos dump futures this week, it could get really choppy.
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Full reversal on AAPL....