Stock Market Rally is Over. Hope You're Short or in CashStock-Markets / Stock Markets 2016 Jan 27, 2016 - 08:13 PM GMT
Today’s action made me glad that I had gone short on Friday. Today’s move was virtually untradeable, since if you had waited for the Wave (v) of [c], you would have done worse than going short last Friday.
The Wave (v) of [c] was truncated, leaving what appears to be a double zigzag Wave 2. Both the truncation and double zigzag in a Wave 2 are rare. The total time elapsed for the retracement was just shy of 37 hours [2(4.3 squared)] and would have been so, had Wave (v) gone above Wave (iii).
February 10 is still my Cycle bottom date, but we must watch the pattern as the decline unfolds. There are three Primary cycle Pivots during that week, with the latest on Friday, February 12.
VIX took a wild swing as traders laid in their bets in the SPX options market. The ETFs were more sedate, but positive during this episode.
TNX lost all of its positive enthusiasm to come very close to break even for the day.
What a day it was!
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