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Seems that lately we've been hearing a lot about "Drops" in the markets. Remember when CNBC was reporting that Shanghais drop may never end until it hits the lows again? Its collapsing! All drops end, and this one looked like it may just return to the break out.
It did..
And the stock market itself just had a drop, blaming the concerns of China, Greece , etc as the problem. Lets discuss these drops since GOLD / MINERS starting dropping rather rapidly last week too. Will it end? Of course. Where and when ?? Lets discuss drops ...
Read MoreJust a quick note for today ...
Read MoreLets talk about timing.
So far the markets are acting as expected for an equity market that has found its ICL. The Excessive Bearish sentiment , Put / Call Ratio extremes , the Vix and Various set ups pointed out here in early July were all calling for a contrary reaction. Not what the crowd would expect. I expected a rally, but waiting for it each day seemed like time was being warped. I still see the Precious Metals under similar circumstances, but as you wait for an inverse reaction , it seems like each day is a week. Lets review this thinking.
Here is one of the many charts that I used to say that I expected a meaningful low in the equity Markets. This was July 6th. Extremes comparable to OCT & Feb lows were in place, but when would we see a rally?
SPX July 15 - Notice that after July 6th, we dropped to new lows July 7,8,9. Three days felt like forever, but now they are forgotten. The rally continues to have follow through.
Keep the above in mind, and we'll discus it further in the report.
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