Wednesday, 21. October 2009, 13:39:53
All Markets were down yesterday.
Currently it's Wednesday morning. Futures weak this morning. Let's look at current market levels
DJIA
10,041.488S&P 500
1091.06Nasdaq
2163.46Russell 2000
613.40Again, we are at an inflection point. Wed. morning futures chart show market below it's 50 period moving average on a 60-min. chart. We are near major resistance, in a time of year notorious for violent swings. S&P 1050 is the area to keep an eye on, not there yet. Let's see what the next day or two holds.
Friday, 18. September 2009, 04:59:01
Gonna give it another try. Stay tuned for new post.
My last post was an attempt to predict a high.
Markets Do Not Go Up Forever!!!!
Wednesday, 9. September 2009, 15:54:54
Posting has been scarce lately because I have decided to take this blog in a slightly different direction. There are plenty of blogs out there to give you daily blow-by-blow accounts of the markets. Well I want to ignore the daily "noise" and highlight relevant changes, both technical and fundamental in nature. With that being said, let's look at what has occured over the last several days.
August 28th chart
This chart looks like a top!
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Tuesday, September 2, 2009 Market ResultsDJIA
-29.92S&P 500
-3.23Nasdaq
-1.82Russell 2000
-2.23
Market action over the last several days has been very notable. Hence the following:
•Institutional Selling
•Heaviest volume in days preceding the sale off was primarily in highly speculative stocks (i.e. CitiGroup, AIG, etc). Are professionals really buying these?
•VIX up over 12%
With that being said.......THE HIGHS ARE PROBABLE IN!!!
Wednesday, 9. September 2009, 15:53:04
After Thursdays saleoff, we are now at the neckline of the Head and Shoulders formation.
MACD appears to be getting weaker also.
If support (neckline) fails to hold, we can have much farther to fall. The old adage "Sell in May, and go away", may hold for another year.
Thursday, 6. August 2009, 12:26:20
It has been several weeks from the last post, the chart pattern revealed a failed Head and Shoulders top, now we are seeing an extremely powerful rally which has takened place over the last several weeks, perhaps we are running out of steam here?
Wednesday, August 5, 2009 Market ResultsDJIA
-39.22S&P 500
-2.93Nasdaq
-18.26Russell 2000
-4.75
We are currently at MAJOR resistance/fibonnaci levels, long positions should tread lightly.
Wednesday, 15. July 2009, 02:48:20
PnF, 'Point n Figure'
Yesterday's big move and todays higher high, might have negated the Head and Shoulders formation that was developed and being watched by everyone, even the mass media types.
Tuesday, July 14, 2009 Market ResultsDJIA
+27.81S&P 500
+4.79Nasdaq
+6.52Russell 2000
+3.21
I dont think so, we were oversold so a bounce or sideways movement was expected. Close to resistance, look for the downtrend to resume.
Posted above is a Point and Figure chart which charts price action. Time is not being reflected. As you can see, we are approaching a resistance area.
Wednesday, 8. July 2009, 11:55:11
With today's close, we have confirmed the Head and Shoulders formation
Tuesday, July 7, 2009 Market ResultsDJIA
-161.27S&P 500
-17.69Nasdaq
-41.23Russell 2000
-9.78
Each of the major indexes are now negatve for the year. We are on the 200 period moving average, a bounce of unknown duration here can be expected, however there is no reason to hold long term longs.
Sunday, 5. July 2009, 20:11:40
McNair, Nashville
McNair was found dead from multiple gunshot wounds.
Also found dead at the scene was an unidentinied "friend".
Nashville Police continue to investigate. Speculation is that case is a murder/suicide.
Tough week for celebrities, RIP Air McNair.
Wednesday, 1. July 2009, 11:55:26
Wimbledon, Tennis
The most interesting part of the tournament begin. Nice start to the Holiday weekend.
Mr. Hewitt is my guy.
Wednesday, 1. July 2009, 01:46:54
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As noted in yesterday's post, the S & P 500 made a run to 930 at the open and promptly retraced.
Tuesday, June 30, 2009 Market ResultsDJIA
-82.38S&P 500
-7.91Nasdaq
-9.02Russell 2000
-2.33
The question now is are we forming a Head and Shoulders formation? That's to be determined. We are nearing a buy signal on the daily MACD (not yet tho...) With a buy signal already on the ADX. S&P 923 will be key tomorrow. Being neutral would be a good idea until confirmation is given one way or the other.
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