miércoles, junio 29, 2016

BREXIT AFTERSHOCKS / DAVE´S DAILY

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Brexit Aftershocks
AFTERSHOCK1
 
 
Heavy volume indicates more distribution but now we’re getting short-term oversold and a bounce could happen with Turnaround Tuesday.
 
The bad news keeps hitting markets and investors are pretty freaked-out selling everything that isn’t nailed down.
 
You would be accurate saying the news from the UK is a genuine Black Swan. That said we’re quickly oversold and I would expect a short-term rally followed by a quick reversal followed by more selling. Sure the Fed and talking heads will do what they can to pump things up, but just remember this remains an expensive market by just about any measure.
 
Losses were widespread with losers in the U.S. building heavily on losses from Friday. Elsewhere you only need to look at the heat map below with everything weak aside from bonds, gold and the dollar.
 
Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day (green) may mean leveraged inverse or leveraged short (red).
 
6-27-2016 3-28-58 PM

Volume showed heavy distribution with breadth pushing close to 10/90.

6-27-2016 3-40-18 PM
 
12-17-2015 9-04-44 PM Chart of the Day
 
 
 
6-27-2016 4-23-41 PM INDU


Charts of the Day
  • SPY 5 MINUTE

    SPY 5 MINUTE

  • SPX DAILY

    SPX DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NYMO DAILY

    NYMO DAILY
    The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

  • NYSI DAILY

    NYSI DAILY
    The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.



  • VIX WEEKLY

    VIX WEEKLY
    The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation has changed due to a variety of new factors including HFTs, new VIX linked ETPs and a multitude of new products to leverage trading and change or obscure prior VIX relevance.


 


I’m prepared to experience a Turnaround Tuesday since we’re seen so many of these over the past 7 years. And we’re short-term oversold at this point…so…

Let’s see what happens.

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