As you can see here on the SPY chart, it’s all and only about follow-through on the indices, especially as we head into the NFP release and ‘Free Money Friday’. As we have been discussing and detailing in the webinars, we continue to favor RTY shorts off tactical intraday NQ longs but remain overall very suspicious of this strength and extreme complacency.
Remember to keep an eye on some of those bigger names we have been discussing: 3M, Intel and google, just to mention a few. Naturally, bulls will be looking for Apple, the ‘BuyBack King’ to keep on propping everything up. We’ll have to see what gives if any real selling shows up. Still nothing to write home about just yet… but as we have been discussing, the action in a lot of these names has been far from pretty.
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