Here's an update on the market since my last post.
The major moving averages on the 15min chart are beginning to cross over each other with a 20/50, followed by 50/100, followed by 100/200.
If P/E multiples are so 'cheap' here I wonder how 'expensive' they would look with no stock buyback programs running?
Investors seem to be shrugging off the chaos for the most part as they have every other piece of bad news. We had a weak retail sales number coming in at 0.3% vs forecast 1.3%. The Producer Price Index (PPI) came in at -0.2% vs forecast 0.2% To be honest I'm not so sure that any of those economic numbers even really matter to price action. From my experience these numbers are almost irrelevant as the market does whatever it wants to do, although sometimes these numbers can be used to an excuse to buy or sell if people are looking for an excuse to take a trade.
It's easy to get complacently long when the market seems to shrug off any and all bad news and grinds higher seemingly daily but I can assure you there will come a time when people will once again see volatility. When that time comes? Who knows? All I know is that it definitely hasn't happened yet...
Good Luck with your trades, Thanks for reading!