We have a bone e fide rip you a new one rally today. No doubt the catalyst is going to be credited to the phony Russia invasion story. Gold will subside again which is why I secretly was buying DUST starting from a week ago. I still own all the gold and gold miners for the forever term, but from time to time you just know a spike is a spike so you buy dust or even options. Options have high premiums so I try to avoid them unless I'm sure of big move coming.
Which brings me back to the QQQ and IWM, it is a sell the rip story here as all these markets are doing is climbing up the break down candle from Friday. Its a sell the rip call again until the prices can get above the breakdown candles and price levels listed here.
QQQ $356.50, $358 and the line in the sand $365.50.
IWM $208 (remember that one), $211.50, $214.50, and the line in the sand here is way up there at $220.
SPY $450, $453, $458, and there are others on the way up to $472 but I doubt we would need those numbers before it all comes back down.
We are in the volatile market days as the VIX made a big move up on Friday. That predicted a market move in the overall market back up either on Monday or Tuesday as the VIX subsides. This could be it as in a gap and crap because the VIX is sitting right on the 20DMA (25.80) as I type so it can bounce back up and that would be it for the overall market moving higher. Or the VIX can continue down towards the 50DMA (22.10) as I think it will before turning back up.