barely after that afternoon bull stampede where even all the bulls evidently wanted out of the markets. This index on my mid-day post was happy as good be.. and then Tom, my trading partner in our trading room around 3:00 pm said something like "I think the correction has begun, going short".. and it was like someone pulled the drain as I watched the ES meltdown.
Tom has been calling for a sell since 2pm on Dec 1st. After a little draw-down and sweating out what was some mounting strength he now been able to cash in on his short call as the markets have close over 1% lower from that call and the momentum is still heading in his favor.
Looking at the mid day post to this one you can see what that lat day sell-off did. It left us barely above our moving average and certainly does not five us conviction of a momentum buy here.
Tomorrow hedges on the Jobs Report and the reaction to it. Can we stay in bull area or do we fall off the edge here?
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