NYMO McClellan Oscillator and NYA NYSE Composite Daily Charts

The NYMO remains elevated hinting that a tradeable bottom for the stock market is not yet in play. The McClellan Oscillator is signaling the same thing as the low put/call ratios. Traders and investors remain complacent and worry-free. They opine optimistically about the future. President Trump says the virus will fade away. And even if stocks pullback it does not matter since the Federal Reserve will simply print more money. It's sick, the Fed and other global central bankers (Fed, BOJ, ECB, PBOC; the four horseman of the financial Apocalypse) are si-hi-hi-kies, as Alice sings.

The red circles show tops in the stock market while the green circles show bottoms. What do you think will happen? Can stocks rally from here? Of course they can. However, that would only set up the drop again. Typically, you do not want to nibble on, and go long, with positions, until the NYMO drops below -60. That and lower will give you a tradeable bottom.

The uber low CPC and CPCE put/calls continue to signal complacency and fearlessness in the stock market. Look at the idiots buying Hertz a bankrupt company. It is sad that they would even let that new share offering go as far as it did before the SEC steps in. It is testimony to the corrupt crony capitalism system. Greedy bastards everywhere. Everyone is going to get what they deserve over the next couple years. The complacency continues signaling a top at hand. You would rather be short now than long and you want to short the rallies going forward for short-term trading.

The S&P futures are bouncing around like a ping-pong ball down -22 then they brought them back to flat now down -7. The SPX may be in trouble today if it loses yesterday's low at 3108. That is only -5 points from the 3113 palindrome starting point. Today may be a historic day in the stock market. We will likely have several epic days going forward. The bulls are trying to bring futures back so they are not worse than down -5 at the opening bell for the regular US trading session.

Keybot the Quant algorithm is long tracking utilities, commodities, banks and volatility as the key drivers of stock market direction currently. Watch the banks pre-market. If they are weak, the bears may growl today. If the banks are flat or moving higher, it is likely another day of sideways chop.

Tomorrow is OpEx Quadruple Witching so it would be expected that stocks would be buoyant Tuesday to Wednesday. The new moon peaks on Sunday morning at 2:41 AM EST. Stocks are typically weak moving through the new moon. There may be interesting days ahead. Do not be surprised if stocks take another dip like last Thursday, even worse. A flash crash remains on the table. This is fun. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Saturday, 6/20/20: The NYMO ends the week at -25. The fun continues next week.