"Tomorrow is the day of releasing the last FOMC meeting minutes. The market tends to react to it. Will that trigger a run to retest the last week's low around 4050? Don't just discount the possibility. If that happens it may be a buying opportunity for the next few weeks"
This was the message I sent to my chat groups last evening. If you read my blog last week carefully, you should notice that I was already expecting another leg down to retest the 4050 level for S&P back last Thu but the market god didn't want to make my life easy. It catapulted to the moon last Friday, laughing at my poor timing. Nevertheless, it finally came down to reality by retesting last week's low, not exactly 4050 but very close to around 4060ish today. After all, this is rather just a technical call than anything else as its 60 minutes chart hadn't shown any positive divergence during the selloff and recovery last week. So today is almost like a day of "Mission Accomplished" technically speaking. With that, I feel more confident that we may see more green lights for the next couple of weeks.
I was aggressively long stocks and short VXX today. Hope my timing is not so off the board this time!
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