Originally Posted by
amoeba
Notwithstanding the upside gap last Thursday, I find it's Holiday week timing and low volume suspicious. So, no chance I will chase it. Rather, I expect at least one and probably more big down days over the next 5-7 to take it all back. The modest jobs # miss (within noise) could portend a further rate cut, which would be stimulative, but I don't think that the FED will do it. Overall, I anticipate the remainder of this September to be choppy at best and end up slightly negative. I agree with Coolhand that sentiment is less predictive than it used to be, which I attribute to the proliferation of hedge instruments. Doesn't mean I won't make a play this month...but will choose a more obvious opportunity. I don't see one at current prices....so I'll wait to see if the 50 EMAs hold in the near term...and go from there.
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