We Now have an ACTUAL PIVOT... $NDX $SPX $DJI
Markets are hard, no one truthfully will ever deny that. Bottom line is that you have to have a process and you have to stick with it. After nailing the low, for now it is safe to say that the bulls are back. I was guessing that the bears would put up a little more of a fight than they did but they can't keep the market down for longer than 48 hours it seems.
After yesterday's monster rip to the upside we now have a pivot (2 actually). The recent Friday Low, and the 200 day MA. As long as NDX stays above the 200 day MA you can not be bullish on the market. Even as bad as you think some things may be, above the 200 day is not bearish. Can the bears take it back? Definitely, but they have to show it. Right now I am neutral and stockpicking. I like things like $ATVI $NIO $ $GOOGL $AMZN $SQ to name a few. We want things that are going to trend if this market is going to start trending that way. $XLY and $XLP both look like they may be able to run, but we have to see some commitment to the upside to show support. We saw that day 1 yesterday, do we have some more follow through today?
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