Monday, January 11, 2016
SPY chart, and the looming ultracollapse of DOOOOOM
So I guess if you're thinking of selling today, with RSI already at 30 and below the -2SD Bollinger band, you must think the S&P 500 is about to ultracollapse.
With S&P 500 forward earnings now at around 15.7x and the SPY ETF yielding 2.19%, which is a 9.7% improvement over last year.
Well, I guess if you're only thinking ultra-short term and have a tight stop, you won't be able to fuck this up too much. After all, the chart does look bad, and this market does seem to want to self-fulfill something.
But it's not a bet I'd take.