Monday, April 18, 2016

A WIld Reversal...04.18.16

Overnight the markets were down big time based on the DOHA collapse (thanks to Iran) and then the Saudi oil workers decided to go on strike and everything changed.  Volume was  very low (about 55% normal) and Apple traded almost as many shares as SPY as earnings approach on the 25th and the short term consensus on the #1 tech stock has turned decidedly negative.
SPY is now extremely overbought going into the 21st, which promises to be a watershed day with earnings on deck for SBUX, MSFT and GOOGL, among the big names.
M6 is favoring the short side and TLT for tomorrow.