$SPY Closed the $MPWR position
today @ 38.26 for a loss. Traded the
.spy141122P193 entered @4.14 out @5.00, 36 contracts.
As much as Wednesday’s rally
was about being overly jubilant, Thursday’s selling felt a little too panicky. While
stocks plunged Thursday, both the 10-year and 30-year bond yields were
unchanged, signaling that bond yields may have hit a near term low. Investors
have been pulling cash out of stocks but they didn’t put it into bonds.
Eventually, the cash will have to be invested and stocks look to be the best
place to go. That being said, a selling isn’t over until it is over. It will
probably take a further capitulation before buyers step in. For the S&P
500, watch for support near 1925, followed by 1905, its 200-day moving average.
If you are seeking some
guidance as to the overall Market Direction here are four articles which are
worth your time to read.
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