Flat day for the SPY but underneath some bearish action in various sectors and stocks.
We saw many recent strong momentum sectors , stocks with some carnage. This whole year, dips has been bought fast but we finally saw some reluctant dip buyers on Thursday. Action in stocks like NVDA,TSLA, X, CLF,URI, SINA, WB are worrisome and something to keep in mind going forward. If you follow us on Twitter,another great day in chat room as we were basically shorting all the momo names like TSLA , NVDA, SINA and WB with some nice gains. Will be watching them again for a follow through or dead cat bounce.
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