Well, we know Monday's are meaningless.
In fact, next Monday is my last official Monday before I retire, at 55, from Mondays. In five more years I will retire from Fridays too but, for now, I'll just be skipping Mondays – officially, though I'll still write a morning Report and pop in on chat – I'm just not going to commit to being around on Mondays so I can put a bit more time into PSW Investments, our Hedge Fund (Capital Ideas) and, of course, me.
The only call I made during our Live Member Chat Room yesterday was my 10:14 comment to our Members, saying:
What craziness with FB, down 5.4% now. /NQ holding 6,950 so far and we're still miles off the lows so it's really not very weak, considering. More important to watch the S&P around 2,750 as that's the 50 dma it failed and NYSE is falling further away from 13,000 and even below the Must Hold at 12,800 so – NOT GOOD there.
The Nas still has a very long way to go to catch up to the others on the downside and, since this news has a sweeping effect on many Nas companies and since analysts will only this week begin downgrading based on data concerns – /NQ is still my favorite short below 6,950 with tight stops or 6,975 or back at 7,000 but I can't see that happening.
Those kinds of calls, I will ALWAYS show up for! What a great way to start the week. At 1:50, we began playing for the bounces, though it was a rocky road for the first hour:
Looks like we found a