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Message Subject >>>> MARKETS vs. TIMEWAVE ZERO
Poster Handle Wubbo Ockels
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from the latest Zacks.com newsletter:


Weak Bounces = Smart Money Selling

Kevin Cook here one more day for Steve...

Last week after the election, I proposed we would know soon enough if institutional investors saw value or fear in shares near the 200-day moving average. While fear, as measured by the VIX and the size of the daily ranges, is definitely on the low side, clearly the big and smart money is cautious and waiting.

Since the President and the Speaker are not meeting until Friday to discuss business, it has become "sell the rallies" mode for pros. And Tuesday actually started out pretty good, with the S&P futures testing 1365 again in the pre-market, roughly the 50% retracement of the June to September rally.

Which Way is the Risk: Missing 1,450 or Holding to 1,300?

But the important 1,390 level has been the capper now in 3 out of 3 sessions and today's S&P close of 1375 is the lowest since August 2, when we closed at 1,365. It looks like the past 3 days may have just been a rest stop before 1,350. And a volume and volatility spike could be right around the corner.

Bottom line: Unless we get some miraculous news, it seems the short-term tide is leaning toward further selling this week. With so many eyes on the exits, and so many wishing they'd get one more chance to sell above 1,400, the risk is definitely not to the upside.

[link to www.zacks.com]


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