Usually if $SPY is trending down our support alerts don’t do well. Today there has been an astounding divergence as our support alerts have ROCKED while SPY has done nothing but trend down.
These are the support long alerts that triggered from our weekend newsletter (QCOM COP gapped below):
$CLR 64.6 — if base, 64 were instructions
(and two shorts $EOG 96 and $WLT 70) Take a look at how well they worked for bounces.
It’s ridiculous how well they worked (and so is the divergence from our PnL and the opportunities in our own alerts as we didn’t have the faith considering SPY action).
We can’t even remember the last time we saw such divergence. Not sure it’s enough evidence to call it a bear trap but it sure is one point for the bulls to see dip buyers under the surface buying with such conviction.
The Fed and Lehman Brothers
3 hours ago