The week long wait for the gap fill has been come to pass with the SPY breaking $120. Internals are about as bad as they get and I’m still waiting for volume to come out of the slide before I try for some long exposure at or near the mid $119/ 20-day moving average. Until then, staying away after a quick try near S2. There will be a time to fade the talking heads — wait for it.
Volume overall is curiously light… this is an exercise in bid lift. Remember last time that happened in a big way (see May 6th — no, not saying this is the same thing, just saying!)? Certainly interesting to see this action on a “POMO Friday”…
Speaking of which, what’s this I’m hearing about a POMO glitch? I thought I heard evil laughs across the blogosphere…. Naturally, double top talk abounds as well…. a bit early for that in my opinion.
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