We have a 70 point bounce higher on the open. If this is real it will be a lot more than 70 points within 30 minutes after the open. Otherwise we will likely stagnate or continue the fall.
ALSO, I am having emergency oral surgery today at 4pm eastern. I will miss the last 40 minutes of the markets today.1-
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The Dow closed down 326 points at 153,73.Ā
AAPL closed up 0.93 despite the market falling. It settled at 501.53. There was a brief moment where it fell below $500, but 499.30 was the low and buyers came in at $500.Ā
The VIX closed up 3.03 at 21.44
MAUI and POT people…..Selling more premium today if the Vol stays here on the openĀ
The TLT closed up 1.32 at 109.32 in a flight to safety.
The people buying bonds are going to be hurt in the long run.
There is no reason for the TLT to be higher. As a mater of fact, based on the Fed’s recent activity the TLT should be down A flight to safety is what is going on.
GLD = 121.32 up 1.32
SLV = 18.61 up 0.16
Closed down down 4.30 at 177.11
Yesterday
The markets closed on their lows yesterday. This often is a sign of capitalization, meaning all the long people who were thinking about selling gave up and could not take it anymore.
It was Yellen’s first day in office. Some of the selling could be based on this, but typically new Fed chairman sell off doesn’t occur unless:
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The new Chairman is not liked to start with. That is not the case here.
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The Fed chairman already had a major speech and looked stupid, or said something anti-markets.Ā
Today
There will be a ounce on the open. This is a technical bounce because the markets fell too hard yesterday, and over the last couple of weeks.
On the other side of the argument the items causing us to sell for the last 2 weeks is still in effect. Namely:
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Bad weather causing retailers to have bad sales. More snow from the POLAR VORTEX from Hell is still coming down.
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Developing countries markets are still falling
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Japan was down another 4.3% last night. Keep in mind that it was based on our fall yesterday, and nothing new developing.
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Bad economic numbers such as home sales, jobs, etc. have been hitting the tape.Ā
In Closing
We are going to bounce on the open. If this market does not take off and close higher than say 150 points, this market is likely going to keep selling. If yesterday was the bottom, we should bounce hard. I doubt that is the case
I expect more selling with the Dow breaking down and testing 15,000 before it has shaken out all the sissies that had too easy of a year being long in 2013.
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