The market continues to thrash around. We’ve just completed the sixth day of bouncing around in the same tight range. This may be fun for some good day traders, but it’s boring me to tears. I still think the resolution of this trading range will be downward. The May highs seem [...]
Interesting upgrade for Intel today. Intel had one of the worst looking charts of the bunch I looked at over the weekend. OBV is very weak, and the price pattern is nothing to write home about. If you buy the analyst’s story this may be a good risk/reward situation though. The [...]
We had a pretty volatile day on Friday as the market reversed its rally attempt. Regardless of the reason for the selling, the charts are telling me that the tide has turned, and that sellers are in control of the market… for now. (Notice how the 3:00 rally has largely been missing [...]
Many of the homebuilder stocks are looking toppy to me. Could this finally be the end of their long boom? Looks like it to me. In addition to the toppy price patterns, On Balance Volume looks ominous on many of these stocks. Check out BZH, SPF, RYL (I might have [...]
Here’s the talk about why we’re selling off now. From Briefing.com:
13:53 ET Floor Talk
Speaking to an analyst who believes recent spike in American Association of Individual Investors survey is a reason for caution. This individual notes that the last two times bullishness reached similar levels was one week before the all [...]
We had a pretty strong day, as the market bounced back from oversold levels. The NASDAQ returned to its old outperforming ways by nearly doubling the S&P 500’s 1% gain. So now it’s the NASDAQ that looks healthier, and the S&P that is showing chinks in its armor. The NASDAQ has formed a [...]
Another nutty Fed decision day. You can see why I avoid these days like the plague. But I’m sure daytraders love this kind of action. After all the ups and downs today, the market basically ended flat. The S&P and NASDAQ are sitting right on those June 9th lows. I [...]
This is what I like to see from a company - the Fed lowered rates an hour ago, and I just got this e-mail from E*Trade:
We wanted to be the first to let you know that the Fed just cut the Fed Funds rate by ¼%.
In fact the Fed Funds Rate is now at [...]
I really don’t have much to say about the market today. I think all the movement before tomorrow’s 2:15 Fed announcement is nothing but noise. The reaction to that decision is what I’m interested in. Things should get real hectic, and choppy until about 3:00, then we should be able to tell [...]
No, not Chairman Elmer Greenspan, Chairman MaoXian. He’s posted a chart of the S&P 500 Index with the Federal Funds Target Rate Overlaid. There’s a hell of a divergence in that chart right now. I wish I knew what to make of it though…
(And while you’re there, check out the tiny car [...]
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