Short Term Trading Member Forum

[techcharter]

INDU 3PM 340 Point Rally

Don't You Believe It!

The internals got even worse as all exchanges saw declining issues lead advancing issues. The 52 week new highs and lows was a rout. NYSE was 90 to 1 new low to new high. AMEX was around 7.5 to 1 new lows to new highs. and NASDAQ was 9 to 1 new lows to new highs. It's completely divergent that the A/D and new high-lows were a disaster, yet the markets ended mixed.

The rally off today's lows for the SPX, NDX, and INDU could be corrective. All rallies are just shy of their 50% fibonacci retracement since Monday's highs. It looks like a bunch of waves 1-2-1-2 setting up for a dramatic crash.

I sold my Aug 133 and Aug 132 DIA puts for a nice profit. Minutes later the Dow spiked 100 points, so I spent half my available funds on Sept 126 DIA Puts. I'm going to spend the rest on puts tomorrow at the opening.

Many global markets are falling knives. Others are ready to crash.