Insane volatility and price velocity remain the order of the day, combined with overnight futures jacks and futures declines. To get some sense of how crazy things are, leading up to today the Dow Jones Industrials Index posted end-to-end intraday swings, starting with yesterday’s move and going backwards, of 570.2, 613.44, 810.84, 708.79, and 765.01 points. The net result... [more]

This may have been the craziest market week we’ve seen in a while, but we’ve seen so much wild action since the October top that it’s getting hard to keep track of it all. All we know for sure is that the week started out with a big, news-related gap-up after President Trump and Chinese President Xi apparently came to some sort of cease-fire understanding on the ongoing trade war. That... [more]

The market has now failed on its second follow-through day since the current correction began in early October. This only adds weight to my view that follow-through days are useless contrivances in this current market environment, and ever more the reason to refrain from relying on them as green lights for piling into the market on the long side. I can almost hear the notorious character Gordon... [more]

The market continued to rally into the weekend on a higher-volume, month-end move in anticipation of something significant taking place when Chinese President Xi and President Trump meet for dinner on Saturday. The Dow Jones Industrials pushed further beyond its 200-dma, which it cleared on a follow-through type move on Wednesday, before running right into its 50-dma.   ... [more]