Afternoon Trading Update

  • Stocks are giving us a little consolidation rally here today but note the bear flag forming on the S&P 500 chart below
  • I will reiterate again that all charts and almost all asset classes are correlating now more than ever…and its not a healthy sign.  It shows fear in the market.
  • ….everything correlates and trades inversely to treasuries and of course the usd.  I will have more macro charts on this type of stuff in the morning.
  • As such I am currently not trading stocks and nothing in bucket 2 but am focusing on quick hits in bucket 1. Trading environments change several times each  year and until correlations break down some I remain hitting it quickly intraday and sitting in cash overnight.
  • One stock on my radar in case the bulls decide to ramp the tape at some point in coming days is AMZN.  A daily close above 226.50 would get me long Bucket 2 for the managed accounts



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