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Thursday, July 20, 2017

Daily update 7/20

Mixed day.

SPX has a hanging man bar on an increase in volume.  The higher volume indicates there were some sellers out there.  While there was enough break out buyers to absorb  the selling today we will have to see if it stays that way in the days ahead.  The breadth was just slightly neg.  New highs slipped a bit to 216, but were still strong.  New lows dropped down to 8.  That is where they should be. 

The futures remained above the upper channel, but are pausing. 

The green count slipped a bit today, but remains well above 50.

QQQ closed up a bit, but below yesterday's high.  The key number is 143.90 which was the prior intraday high.  It actually dropped below that level twice today, but the bulls rushed in to save the day both times.  It is a positive the bulls came to the rescue, but the fact there was enough selling to knock it down twice is not particularly good.  July break outs do not have a very good track record to begin with.  The bulls are in control at the moment, but the VIX remains very low.  I am still not entirely convinced the buyers will just keep showing up.

Rant on:
I am about out of my mind as I hear clips from various members of our illustrious government and key central bankers.  What the &*(& is going on.  Yellen and Draghi are hawkish one day and dovish the next.  Don't even get me started on what is going on in D.C on both sides of the isle and the media.  I can't believe this is the United States of America.  You can't trust the polls and you can't trust the media.  I hear so many lies and half truths it is truly shocking.  I am reminded of the infamous European politician saying "When it becomes serious, you have to lie,".  Thank you Mr. Juncker for telling us the truth about how politicians think.  Judging by the lying going on things must indeed be very serious.
Rant off:


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