Google earnings beat huge last night. Big green gap up this morning. I was hopeful because that would provide an opportunity for a topping pattern to play out.
The market retrieved orderly till noon. And then it rose orderly into 30 minutes before the bell. Then the roller coaster ride: the HOD was broken out with high volume, then quickly reversed on the next bar on the 5 minute chart and began to sell off. A typical stop run. I was excited. This could really mark the top for a while. But I knew there were still room left for the bull and I was watching the chart intently, and praying at the same time. Just like the 9th inning of a World Series game: my team was winning by a hair and the closer was down to the last pitch with the bases loaded — AND the pitch was hit out of the park! Yep, that was what happened. In the last 5 minutes, the bulls came in and hit a home run, finishing at HOD.
Needless to say, I was feeling deflated. The bearish shooting star from 2 days ago was decimated. It’s clear Mr. Market wants the 200 day MA, or even the break-even line of 125.75. The anticipation of getting goosed further is making me sick. Was this the shortest bear market ever??? Yep, my weekend is ruined.