Momo Buys
Please click here for a chart of Nasdaq 100 ETF (QQQ).
Note the following:
- The momo crowd is buying everything — stocks, gold and oil.
- In the very, very short term, they got technically oversold. When markets get oversold, they tend to bounce and momentum reverses. All momo crowd needed was a reversal in momentum to start aggressively buying.
- VUD indicator is the most sensitive measure of net supply demand in real time. Orange is net supply and green is net demand.
- The chart shows the VUD indicator started out orange, turned green and then turned orange again in the afternoon.