ES1! still not oversold?

Despite the massive tank this morning, futures (3 hr chart) and SPX (2 hr chart) are not oversold yet. If you're aiming to do a quick trade on a bounce, probably better to wait until tomorrow, or if you want to be safe wait for positive divergence on MFI chart.

All cash right now.

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Encountering resistance at the upper trend line...

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Hung up in no man's land, hard to figure out where this one's going on short term basis. No compelling reason for the market to go up. The market is still in a bubble, bigger than 2000. Here's proof:

www.gurufocus.com/st...arket-valuations.php

Long term, you have to expect that the total market cap will fall below GDP again at some point.

Anyways, I bought some puts in chip stocks today. We'll see if it was a mistake to hold them over the weekend.

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I was right about one thing, chip stocks ate crap this morning. Flipped the puts this morning. Nothing to indicate which way the market goes from here, though it looks like it wants to close the gap first.