2nd Wave Panic- Relief Rally Failing

As the COVID19 death tolls peak and stabilize, the Relief Rally looks like it’s failing.  The S&P 500 lost support at its 50 day moving average.  If it breaks its short term trend line at 2700, then it’s likely the index will fall to at least the 2500-2600 range. Given the extreme media pessimism overContinue reading “2nd Wave Panic- Relief Rally Failing”

Sky is falling along with OIL

Saudi Arabia kicked off an Oil price war in retaliation for Russia not supporting further production cuts.  Oil dropped to nearly $27/barrel before settling around $31.  This is the hardest drop in Oil since the commodity collapse of Feb 2016.  (see chart) The S&P 500 broke below its 2 year moving average and so farContinue reading “Sky is falling along with OIL”

Good News!!! NASDAQ up 0.01% (:

Wall Street’s hemorrhaging slowed a little today.  The NASDAQ was up, well really it was “flat” but we all needs some good news. There are some encouraging developments- S&P500 was under pressure from weekend Hedge Fund selling.  All things considered, it had a “relatively” strong close at the top of its daily range and 3.2%Continue reading “Good News!!! NASDAQ up 0.01% (:”

S&P 500 in Technical Correction below 200dma

Today the S&P 500 officially went into a technical correction and broke below its 200 day moving average. Volatility on the VIX was above 36 10 Yr Treasury sunk to an all time new low of below 1.25% Wall Street is in total freefall.  How bad can it get?  I don’t know, Bitcoin soared irrationallyContinue reading “S&P 500 in Technical Correction below 200dma”