Fun Fact #22
Did you know that the Russian market (RTS index) dropped over 10% today? This was because of the new Russian sanctions that Trump imposed last night. You can read more about that here.
Today we saw a gap up on the major indexes with a follow through run up into the afternoon, but ended up selling off hard to close the day. The volume was still relatively low compared to the last two months, hinting that neither buyers nor sellers have control of the price action.
The Chinese stocks did well today and held onto some nice gains along with the rest of the technology sector. As you can see in my targets for April 20th, I am still bullish for the next 2 weeks largely because the overall sentiment is still very bearish. Here’s my source.
Xi Jinping, president of China, will be giving a speech tonight and will address the trade concerns. This will almost certainly be the catalyst for tomorrow’s price action.
I noticed some big block orders (on the buy side) in the early after-hours trading session through my level 2 quotes. This may hint that tomorrow is also an up day, but who knows. I still think it makes no sense to be net short (more positions short than long) at these levels, but we all trade differently.
Take a look at the yellow colored orders on the right side. The yellow color signifies that the stock traded above the inside ask price, which displays the buying pressure. Here’s the source.
Good luck tomorrow! I expect a wild ride.