After a big drop before the open, with 400K of volume in Globex, the market rallied back just shy of 10 handles, and ended up down 8.2 handles from yesterday.
In the MrTopStep Trading Room, I was warning that it wasn’t a crash, just a controlled selloff before the expiration next week. I know I am a bullish nut, and I know the S&P cant go up forever, but I do not think we are going south.
Our good friend the PitBull, market wizard Marty Schwartz, said I am calling the markets better than anyone he knows right now. It’s nice to hear that, but I want to emphasize this: if he’s making millions off my calls, you should be making some money, too.
I had more to say in this morning’s video, “The Psychology of the S&P” so watch that to understand how traders are balancing their opinions on Fed comments, interest rates, and the neverending bull market with the common sense of not fighting the trend.
HIGH: 1963.50 Mid-Afternoon
LOW: 1945.80 After Open
LAST: 1959.00 DOWN 8.2 Handles
TOTAL VOLUME: 1.9mil Minis; 4.1k Bigs
MOC: SELL $119mil
Charles Plosser and Charles Evans Speak
Not much to say that I haven’t already covered.
I know I am a bullish nut, and I know the S&P cant go up forever, but I do not think we are going south.
Pit Bull says i am calling the markets better than anyone he knows.