Really all we do at WallStrip is make video invitations to parties. ;-) The woman in the video above is one of the finalists for the host position. What do you folks think -- should she get the job?
I don't have a whole lot to say about today's action, it was really just more of what happened yesterday. The big news, as far as I'm concerned, is that the S&P closed above the May intraday high and popped out of the ascending triangle I pointed out last night. I don't think this little breakout is very convincing though. Volume wasn't anything special and looking at the intraday action, it was a bit of a struggle until the index drifted to new highs late in the day:
My guess is that the fund managers doing their quarter-end markups just wore the sellers out today. HEre's the daily chart of the S&P:
And here's the Nasdaq:
No changes.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Lat | Up | Lat |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Whoa! Yes Mike! Way to go. Hire her.I forgot to add a few of these:
:x:x:x
She's hired! \:d/
She seems too asymmetric.
----
Seems the indices are forming a big "cup."
Her teeth are too messed up. Pass.
Classic - comments
i dont know what assymetric means but we can tilt her sideways?
Teeth - funny.
I was thinking too young? but she is quick on her feet and has spunk. The finalists are all great and we cant wait to get started.
Mike - she is single and she loves doodad happy face comments
Trader Mike
Make sure all the happy and cool faces are available to minic for wallstrip. They kill me and add such a nice touch to a comment
Watch J.P. Morgan JPM at ~48.85 .
If markets+JPM open higher and JPM hits close to this level of 48.85 ( +- 0.50 ) with
SPX ~1342, DOW ~11820 then look for possibility that the top has been put in.
This price target for JPM is only for this week and could change next week.
Market has moved up last two days from a smaller buying pressure and
could reach the lows on that measure - highs in price , ushering correction.
JPM is a part of BKX and BKX is at the resistance 114.60 ,120 and 122 all
with precision 0.50.
Only a blow-out move up will save the top here and take BKX to 122 area.
Alternatively we will back and fill again until we get to BKX 122
Our expectation is that 114.60 will hold or the DOW and SPX resistances will
have to be reevaluated up as well by about 3-4%.
Just like our XOI see (borisc.blogspot.com), this may work the same way where
initial resistance 114.60 is held then penetrated on the spike to 120-122 area and
reversed.
Please understand we are short term traders and do not take seriously
any predictions until our short/ultra-short indicators tell us to take action.
We advice you do the same.
If the above is unclear, please read the text in reverse, I must have been
thinking in Hebrew, while writing this article (: :). Alternative... email me.
See us at borisc.blogspot.com
Boris Chikvashvili
She’s hot. Give her a job, a ring, and a pre-nup.
She looks human, hire her.
BTW, I hate those smiley faces, but because TraderMike is supremo in my book, he can do even that, and I will continue to read his posts, I just squish up my eyes so I kinda don't see the smileys he sprinkles throughout his otherwise consistently excellent posts.
If you are gifted enough with language, as TraderMike is, there is no need for those little trite irritating smiley things. Similar to a trader that needs to pad his approach with numerous rules because his methodology is a bit thin on the edges, poor net writers resort to LOL and smiley faces to do what their words fail to do.