MARCH 27, 2020
STOCKS – SHOP, NVDA
MACRO – SPY, VIX
Reading The Markets Premium Content – $35/month or $300/year
- Not The Greatest Setup Into End Of Day – Midday 3.27.20
- It May Be A Rough Day – Morning Commentary
- THE VIX SAYS THIS RALLY WON’T LAST
S&P 500 (SPY)
This market is flat out dangerous and let today serve as notice how dangerous it is. The S&P 500 opened lower, trading down about 3% all day, to a low of 2,520, only to move up just over 2,600, and then with 30 minutes left in the day, it falls by over 3% in a straight line. Unreal. It can’t be trusted, it is dangerous, and it shall remain that way. No rally is safe.
The VIX remains above 60 and climbed again today to over 65, still a sign of how uncertain investors are about this market.
Nvidia has failed now three times at $262, and I think that means shares start moving lower towards $218.
Shop filled a gap at $467, double topped, and now has a gap to fill down at $387.
Anyway, its Friday and that’s all.
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