evening wrap

market vibes

November 15… 5:20 PM) 

This is a very interesting set up in NDX. There is 30,000 lots of trapped money above 21,000 in the 7-day compression range at the top… a vertical sell off that put at least half of the entire October long entries in debit on today’s lows … and a flat bottom of 4 daily range lows from Oct 31 to Nov 5 at 20,000. T 

Take a minute and study it. 

A higher opening on Monday will attract sellers, I think. The cut narrative and the procession of Trump appointees has chilled the market’s ardor for sitting on Stanta’s knee. If there is going to be a Christmas rally this pre and post-election cohort of Trump longs must be challenged and validated or liquidated.  

In my opinion. It’s just not that easy.  

The best thing that can happen is we have a real old-fashioned correction so everybody can put some money to work, including old Buffett before he leaves us. Wouldn’t that be fitting?  

Here a chart I watch a lot that’s a simple NDX/S&Ps ratio to give me a sense of where the rotation is going. … It says it all. Big tech finally got the Trump memo.  

Next up, metals and my vibe