Bullard Does It Again And Chartbook
Not the best close in S&P today. After what looked like a miracle stick save off the 9EMA this morning, Bullard came in later in the afternoon to talk stocks down. Typical.
In fact, every time he has spoken in the last year has been bearish for stocks two days later. 70% of the time, stocks are lower every time Bullard has made a speech! You would think someone at the Fed would try to say something, given that markets should be efficient and all. By the way, you can find the those stats I published on twitter right here: https://twitter.com/PetrTrades/status/1626344371661463554
Furthermore, there have only been 7 instances in the last 3 years where the S&P was down more than 1% on the Thursday before OPEX. The market is typically lower by more than 1% tomorrow.
Personally, I'm tired of getting chopped up in the markets before opex Friday. It's like trying to catch a fly with chopsticks - frustrating and often fruitless. After getting whiplashed one too many times, I've decided enough is enough. I'm done playing the guessing game and will be waiting until the end of the week to re-evaluate after the dust has settled. Let's see if we can defend the 9/20 EMA into tomorrow. If that is the case, I will stand by the bull case.