Join McMillan Analysis Corporation president, Lawrence G. McMillan, as he discusses the current state of the stock market.
Markets are in total disarray. I traded through the Crash of '87, and through the Financial Crisis of 2008, and this is worse. On Wednesday night, March 11th, I was asked "Do you think we're going to crash?" My reply was, "I think we already have."
Join McMillan Analysis Corporation president, Lawrence G. McMillan, as he discusses the current state of the stock market.
Stocks had been declining somewhat since mid-August 1987. The week of October 12-16, 1987, saw an “up” day on Tuesday, October 13th, but then three successive down days, through the rest of the week. Friday, October 16th, 1987, was an expiration day (back then, the 3rd Friday was the only monthly expiration for listed options). The Dow closed down 110 that day – the worst decline, in points, in its history.
The markets are moving so quickly right now that it's difficult to assess some of the technical indicators. This is the first time since the 2008 financial crisis that volatility-based hedges are keeping traders afloat.
After two monster rally days this week (Monday and Wednesday), $SPX has resumed its decline with a vengeance. The lows of last Friday, February 28th, at 2885 still represent support although in a market moving this fast, is there really any "support?"
Join McMillan Analysis Corporation president, Lawrence G. McMillan, as he discusses the current state of the stock market.
A week ago, $SPX was still pushing higher. Then, in the blink of an eye, $SPX gapped sharply downward on Monday morning -- leaving a huge gap on the chart that likely isn't going to be filled anytime soon.
Nearly every indicator we have is in oversold territory, and there will be buy signals in the relatively near futures, but there are none at this time. Support levels don't mean much right now, so it's fruitless to try to identify them.
Join McMillan Analysis Corporation president, Lawrence G. McMillan, as he discusses the current state of the stock market.
A decoupling of sorts has appeared in the market this past week. It's a bit reminiscent of the "Nifty 50" group back in the 1970's, but if today's version of those high-flyers really does have a serious correction, it will drag everything down with it, just like it did in 1973-74.
Join McMillan Options Mentoring head mentor, Stan Freifeld, for his Profiting with Delta Neutral Positions webinar from the February 2020 Online Traders Summit. Watch below or click here.
