I trust the internals will eventually improve as the brick and mortar economy continues to open up … if we get a Covid vaccine anytime soon then expect brick and mortar to snap back very quickly thus making the multi-trillion dollar stimulus a success! Acting kind of like a bridge to a vision. … Could be that’s what the markets are telling us. I think GDP activity beat expectations so as I share your frustration that the emperor has no clothes, so long as everyone seems happy to look the other way I have to invest accordingly. … so what Is the number one indicator that you’re looking for that will tell you the end of the party has come and the BIG correction has finally started?

Congrats on the trade.If we do get a decent pullback, I’ll do my best to point out objective re-entry points.

REED was good for a 100%+ rally since first highlighted back on June 2nd but appears to have come full circle now, with some pretty big negative divergences forming as the PPO starts to roll over. https://rightsideofthechart.com/tag/reed/

If you do go long or are still long from before, the 1.17 level is a pretty significant support level that will likely lead to a drop back towards the 0.83 level if taken out with conviction.

Yep. Official stop on PYPL hit. This appears to be the first counter-trend bounce following the recent breakdown & if that’s the case, we should know by the end of next week if the next leg down is about to get underway.

Silver lags behind gold like that from time to time & then plays a game of catch-up. Corn is unlike to stay this low if the other grains, especially wheat, continue to rally & that appears to be the most likely case IMO.

The US economy contracted at the steepest rate, -32.9% annualized, since the Great Depression last quarter. Stimulus 5.0 or whatever the Fed throws at the economy reminds me of those rumors (whether true or not) of how Trump was considering launching nukes at one of the big hurricanes heading the States a couple of years ago in order to deflect the storm. The Fed can drop all the bombs they want but the cannot change the trajectory of such an enormous & unprecedented impact, both past & ongoing, to the economy. The fact that market internals continues to deteriorate with fewer & fewer stocks rising goes to show that the stock market & the economy have not suddenly, after all these years, permanently become completely disconnected from one another. The recent dichotomy between the two is simply a false guise or appearance that the stock market is indicating blue skies ahead by approaching the previous highs from February (and the NDX at all-time highs). That is simply due to the ever-growing unbalanced weighting of the indexes from just a handful of those companies in the elite $1T club that have taken the indexes there. The reality is, as of today, 2/3rds of all stocks in the NYSE are trading below their 200-day MA & most still well off to very far below their previous bull market highs.
I am open to the possibility that the impact to the economy from COVID may soon start to disappear but it would have to do so nearly 100% to support the current valuation of the stock market as it appears to me that the market has priced in a full recovery assuming that all facets of the economy will be back to or above where they were before COVID. Regardless, we all can argue a bullish or bearish fundamental case for the economy (Fed stimulus, re-stocking of inventories, etc.) but at the end of the day, the charts are the most accurate predictor of where the market is likely headed. One thing, among others, that would change my outlook for the market would be improving internals.

Nice exit on UNG as those 60-minute divergences ended up playing out for a correction so far. Congrats.

Didn’t seem like market moving news. However I still see divergences on /ZC hourly.

Maybe there is hope

Take a stand on bearish…he’s been bearish for a year and a half. The S&P needs to give up 800 handles to be at the level where he wanted to get short.

The monthly candle is going to close strong enough on the indexes to keep a bullish picture. It could run tomorrow.

WHAT! Have you ever heard of Shopify? It exploded 10% (100 points) Wednesday morning because of blowout profits Tuesday night! One has to be brain dead or incapable of 3rd grade level research abilities not to realize what was going to happen today! For SHOPIFY to make money their customers MUST use the cloud (THINK Google), they MUST use excellent hardware (THINK Apple), they MUST use some website to sell their stuff (THINK Amazon), and they MUST network to get the word out (THINK FaceBook)!!! Seriously??? There was absolutely NO doubt what direction things were going to go after the close today!!! So regardless of who says what, when, where, or why next earnings cycle, THINK for yourself! It’s your money! … Fundamentals as clear and powerful as what we’re seeing in today’s world TRUMP polls, charts, and Media talking heads every time! I can make a simple case of $6,400 per oz for Gold right now! I just don’t know when it will happen … you can’t make money waiting around for someone to be right someday! … next BIG Fundamental to keep tabs on is $timulus 5.0 ! If it gets approved all Bearish charts will have to be revamped … if it fails then all Bearish charts will come true! … Don’t fall asleep at the wheel. Good Luck!

I’ve been keeping my eye on this one as well.

He has been saying to keep it light until after today’s earnings to see which way it will go.

@rsotc any objective entries/potential on REED now when it’s above 1.30?