Morning Gang
As we are here on the last day of the Qtr and the best performance of a QTR in more than a decade, Mr. Market is at an interesting juncture. We are basically 40% up from the low and 40 percent down from the high. Symmetry man symmetry. Cycles and balance, two terms I use very often to try to gain some kind of edge when setups occur. Remember setups are only setups and the market does what it wants.
So where do we go from here? To gain the edge we have to try to find some clues. On the wheel of Time and price July 1 squares with 882/883 and is in opposition of the 944 level or the previous Jan pivot. Will the plug get pulled after the QTR end mark ups are finished. Is the large head and shoulders formation on the spx taunting everyone to short, this author included, only to reverse taking us rather quickly to the 1011 area or 1080 degrees up from 666. Which would extend the larger inverse head and shoulders. No one said this was easy.
Have there been any clues in stockland. Hmmm.....no big run after 3Gs was released from the AAPL of the markets eye. AMZN, BIDU, etc all were week going into today. Now lets look at the real darlings of the market, energy and infustrucure. THe energy stocks are breaking down as oil is trying to power higher past 71 while nat gas is falling daily and confirmed by its underlying stocks. As of this writing UNG is breaking 14 premarket. RIG, HAL, AEM,FLS are all on breakdown patterns and a very crowed trade. Today will be fun!
On the radar.
UNG break of 14 short 2 pt stop. I enterd pre market at 13.95
ES from yesterday was stopped -3 overnight...hands off until we get a break one way
HES looks good to short at 54
SPG 50.8 short
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