19 February 2014

SP 500 and NDX Futures Daily Charts - Pullback

The housing data this morning was weaker than expected.

The Fed minutes unnerved the markets which were already wobbly.

If you look at the charts, the indices have had an amazing run up off the bottom of the trend channel without a pullback, much less a serious one.

I took off an opportunistic short position at the close which I had put on the other day.

Let's see what happens. That will help to determine if this is a real correction or just a pause in an overly strong run higher.