Stocks not Immune to Coronavirus? (02.19.2020)
Today stocks closed at all time highs and led by tech stocks. SPY got up close to 339 but closed just underneath it. A lot of green across the board, and after hours futures pressed higher. About 8pm things changed, some news out from Korea regarding the Coronavirus spreading in a Church group may have stoke fear in the markets. With that currently just 3 hours later futures that were 8-9 points above today's close is now in the red close to -10 for a total range of -19 points.
Here are some stories that have good reason for bulls to be cautious.
To many bullish call options?
https://www.sentimentrader.com/blog/options-traders-spend-billions-betting-that-this-rally-wont-end/
Markets at All time Highs but internals are weakening
https://northmantrader.com/2020/02/19/chipping-away/
More evidence market internals weakening
https://riskreversal.com/2020/02/19/pride-goeth-before-the-fall-spy/
What will happen come tomorrow US stock opens? I am no longer slightly bullish. Leaning Neutral but changing as the days progress. Not necessary calling a top but a pull back maybe in order.
Posted via Steemleo