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It's not that bad...
Let's be honest, the risk on trade has looked downright ugly this week, there's been margin hikes in oil and margin calls just about everywhere else. But despite all the carnage, when we zoom out to a daily chart, domestic equities haven't seen that much damage.
That can lead us to two conclusions, depending on your bias: that the market is holding up extraordinarily well, or that the market hasn't seen enough blood yet. When we have bipolar, divergent opinions like this, it often leads to rangebound trading which is what we've seen the past week.
In this episode of IWO, we'll discuss:
- what markets are holding up very well
- a few breakout setups taking place in the market
- what signal i'm looking for to "buy the blood"
- individual requests from the stream, including VMW, AAPL, FAS, and others
You can watch the video below: