Friday
Aug 21, 2015
1-855-RWT-0008
Prepared by the good people at Random Walk, LLC. (and Scott)
Great Morning!
Closing Prices From Yesterday
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Today’s Number(s)
Yesterday and Today
The Worst Day In The Market Since February 2014 Market Down For the Year
That will be the headlines in tomorrows papers. Selling outpaced buying 8 to 1. What happened?
China’s markets were down over 3% which sparked early weakness and selling in Europe and the U.S. This brought SPX futures (E-mini) down -18 on the open. It also gave traders cause to think about the Fed’s statements Wednesday ā which could not pass the Rorschach test for sanity and reasonable thinking.
I am POSITIVE, though no one else stated it, traders took a second look at the Fed and began to think āYellen is way OVER HER HEADā.
Yellen essentially said that the Fed was going to raise rates, then said the conditions by which to raise rates were not met. If part two is two, then why where you about to raise rates (part 1)? Remember….this $4 trillion bond program the Fed is in right now is a giant experiment that has never been done before.
This took us to SPX 2050, which was HUGE support. When we went through that more selling came in which took us to 2040. SPX 2040 is the lows from last March. Once we went through that no one knew what to do and a massive run for the exits came.
In the last 15 minutes of the day massive capitulation hit the E-minis. We saw E-minis fall -18 points in 15 minutes. This equates to about 170 Dow points, some of which happened after cash already closed.
TODAY
It all depends on China. We have gone through support and are in no-man’s land. On the upside we will see resistance at 2040 and 2050. On the downside we have a few small numbers, but the big number is 2000. Below 2000 is 1980.
IF this was a normal market I would say we should bounce on the open. Most of the time when we see a sell-off like yesterday’s close, there is a bounce by an equal and opposite amount. This time we are really trading China’s markets. āNai Huoā
A Separate Update is Coming
POT is held each Wednesday night at 7:00pm eastern.
Contract the office at 1- 855 ā RWT ā 0008 for more details.
Too True To Be Funny
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