DPR Update: New order in place, login for details
The story of the market this year is BIG one day sell off’s followed by sharp reversals back to the upside. The ETF is still underwater from where I last got out, but the strength of the rebound today has caused a new buy signal to show up in the algorithm…..and it must be obeyed!
I have a feeling we are going to chop around at these levels for a few days, but that’s just a feeling, not a prediction. It will do whatever it is going to do and I will manage my risk responsibly should it fill me and then immediately fall.
The news is all good right now and the buy/sell dollar imbalance at the close had an unusually huge bias to the upside. Meaning money may pour back in for the beginning of the month, but my preference would be for the futures to continue lower overnight (as they are doing currently as I type) therefore cancelling the buy signal, as always we’ll see.
Bring on them bears I say!