If I were short here, I’d be buying. Here’s a few random indicators (my favs of late) that paint the picture.
Click images to enlarge
- WSJ buying on weakness $166 million as of 3:30pm
- SPX/SPY is deeply oversold
- SPY is sitting right on 50SMA, a decent support level
- SPY volume low on this drop
- Large traders are buying (bottom box)
- Precious metals are holding up well, and also dropped on low volume. Showing my pet SLW:
Yes, I’m actually committing to a direction here.
The other night, I had the weirdest 2-part dream. My dreams are often prophetic (yeah yeah, whatever). If you’re into that sort of thing, here’s the dream message: fuel – on fire. Doesn’t take a rocket scientist to predict that oil / gas are going higher. But “on fire” means A LOT higher.