IWM
Nasdaq
Dow
SP'daily5
Transports
Summary
Unquestionably, today was so very important. The closing hour Monday ramp was entirely negated, and we closed way below the 1420 target I was seeking. With the VIX almost hitting 20 earlier today, the market is actually starting to get really dynamic again. Finally, some price action!
other Key aspects of today..
-The Nas' comp closed <3k
-second major down day for many indexes, out of 3 sessions.
So, a good day for the bears, and certainly a relief after the closing hour nonsense of Monday. A gap lower sure makes things easier in many ways. I exited earlier, and sat out the rest of the day, looking for 1420/22..which never quite hit. The closing hour though sure looked weak, and so I was reasonably pleased to be back on the bear express train..destination sp'1395/1400, which might even be reached early tomorrow.
RE: Facebook (FB). The earnings were in line, and I will look to short that over-hyped nonsense in the coming few days. Fair value remains $4.
--
*I am short, seeking my next exit around sp'1395/1400, with VIX 20/21. I expect this to be hit no later than Friday morning, but it could even be the Wednesday open.
A little more later.