November 2008 Archives

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I'm sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term -- and that would be nothing but hope.

The volume hasn't been that bad but it seems that the market is just falling under its own weight. Not only is the economic & earnings news flow bad but we've also got these sickening congressional hearings on TV all day long. There's really little reason for buyers to be motivated right now -- they're not even getting what's typically considered capitulation selling.

No changes

We've got a little selling pressure this morning as the tug-of-war around those October lows continues.

On Today's Calendar:

• 10:35 -- Crude Inventories
• 2:00 -- FOMC Minutes

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)

No changes

We've got another 2% gap in the making today. QQQQ is already trading under its opening level from last Thursday's big reversal session. The obvious index levels to watch are Thursday's intraday lows.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The market has had a very big run over the last 5 sessions -- the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the situation well on the S&P 500. It shows a strong long term group of MAs ready to repel the approaching shorter term group:

The following chart also shows some resistance lines just overhead.

It's a similar situation for the Nasdaq:

A couple of people have been asking me about T2108. It, like many other bottom indicators, totally broke down in this market. It got all the way down to 1.2 in October. Last week's rally brought it back over the 20 level that typically indicated an oversold condition. In a normal market I'd still be inclined to be a bull, in this market... not so much.

I don't want to place much emphasis on T2108 until I start to see more normal action in the market. The VIX falling out of the stratosphere would be a good start:

No changes

We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn't surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I'd expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sideways until next week.

I'm taking off until Monday. Hopefully I can find some decent charts to post over the weekend. . Happy Thanksgiving to everybody!

On Today's Calendar:

• 10:00 -- Mich Sentiment-Rev.
• 10:00 -- New Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze -- a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let's see if the bulls can keep up the buying pressure...

On Today's Calendar:

• 10:00 -- Consumer Confidence

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

Friday's strength has carried over into this morning. It's a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt.

On Today's Calendar:

• 10:00 -- Existing Home Sales

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

We've got a gap up for a change. If I were trading today -- I'm not b/c of options expiration -- I'd be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it's probably more likely that it becomes resistance.

On Today's Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

The test of the Dow's October lows seems to be the first order of business this morning. Brace yourselves...

On Today's Calendar:

• 10:00 -- Leading Indicators
• 10:00 -- Philadelphia Fed

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades: