May 2009 Archives

There's not a whole lot new to say as the range-bound trading continues. The Nasdaq and S&P closed very close to where they went out on Tuesday. So the bulls can be happy that they've been able to hold on to the gains made on Tuesday's light volume rally. But while those indices are range-bound I'm starting to see some stocks make new closing highs for the year. Those stocks are across a lot of sectors but some large cap techs, like AAPL, GOOG & RIMM, really jumped out to me. So it wouldn't surprise me to see the QQQQ follow suit. The true test will be whether the broader indices can also make new 2009 highs. For now I'm doubtful...

No changes

We certainly had impressive price action today with 3.5% and 2.6% gains on the Nasdaq and S&P 500, respectively. Once you look at the charts though, the enthusiasm has to be tempered a bit. Volume was severely lacking today. I think that's mostly because the bulk of today's rally came in the first 45 minutes of the day. The market just drifted for the rest of the session. The other notable thing in the charts is that the indices are still range-bound. They've yet to make higher-highs above their May peaks.

The Nasdaq climbed back above its 200-day moving average and the S&P's 200 is coming into reach -- mainly because it's dropping so fast. It's only 24 points away, so a touch is practically inevitable.

Upgrades to all the short-term trends today...

The bears came close to breaking through the S&P's May low today but the volume just wasn't there. As you can see in the chart below, the index has been range-bound this month, and covered almost the entire range in the last two sessions. Like I said yesterday, I just don't see that range breaking ahead of the long weekend. Another thing that I see developing in the S&P chart is the crash course the 50 and 200-day moving averages are on. The 200 DMA isn't showing in the chart below but it is declining about as rapidly as the 50 is rising. We could start to see price get squeezed as those lines converge in the coming weeks.

The Nasdaq has a similar moving average situation forming, although it seems content to just ride the 200 DMA.

More downgrades to short-term trends today...

It's looking like the oversold bounce has run its course already. The Nasdaq and S&P both peaked just shy of their May highs today before rolling over on higher volume. There were also hundreds of bearish candlesticks made by individual stocks today. That makes me think that the buyers have exhausted themselves in the short term and that this week will end sideways at best. Despite all the bearish candlesticks I saw little that I'd call an outright short. I'd want those stocks to at least break the uptrends that started last week before jumping on them. Absent some bad news I just don't expect that to happen in the next couple of days as volume shoud dry up ahead of the long weekend...

A couple of downgrades to short-term trends today...

The oversold bounce came right on cue with greater than 3% gains across the major indices. Volume was noticeably light at the end of last week, especially given that it was options expiration. It continued to be on the light side today. Despite the light volume, the Nasdaq was able to climb back over its 200-day moving average. That's an impressive feat but it still needs to follow through and clear the congestion zone that all of this month's chopping around the 200 DMA left behind.

The S&P looks poised for an attempt on its 200 DMA.

The VIX touched 30 and dropped to a new 8-month low today. That's well off of its October levels but it wasn't that long ago when today's low of 30 was considered sky high. So it's still about 50% above where it began September 2008, which makes sense given that the indices are still well off of their early September levels.

Several upgrades...

I'm sorry about the lack of posting last week. The site crashed on Tuesday and I just didn't have the energy to rebuild it again. I finally decided to bite the bullet and switch to another blogging platform. The site's functional now but I've got some more tweaking to do and have some old posts to re-upload before it's 100%. So on to the market...

Last week's dip has made the indices the most oversold they've been since the March bottom. It's also made for an interesting trend table (see below). We now have the intermediate-term trends trying to withstand downward long and short-term trend. But that's par for the course when the indices are in no-man's land (what I call the area between the 50 and 200-day moving averages). Given the relatively light volume the end of last week and the oversold stochastic readings I'm expecting a bounce in the short term. Here are charts of the Nasdaq, S&P 500 and the Banking Index (BKX)

No changes

There's not a whole lot new to say as the range-bound trading continues. The Nasdaq and S&P closed very close to where they went out on Tuesday. So the bulls can be happy that they've been able to hold on to the gains made on Tuesday's light volume rally. But while those indices are range-bound I'm starting to see some stocks make new closing highs for the year. Those stocks are across a lot of sectors but some large cap techs, like AAPL, GOOG & RIMM, really jumped out to me. So it wouldn't surprise me to see the QQQQ follow suit. The true test will be whether the broader indices can also make new 2009 highs. For now I'm doubtful...

No changes

We certainly had impressive price action today with 3.5% and 2.6% gains on the Nasdaq and S&P 500, respectively. Once you look at the charts though, the enthusiasm has to be tempered a bit. Volume was severely lacking today. I think that's mostly because the bulk of today's rally came in the first 45 minutes of the day. The market just drifted for the rest of the session. The other notable thing in the charts is that the indices are still range-bound. They've yet to make higher-highs above their May peaks.

The Nasdaq climbed back above its 200-day moving average and the S&P's 200 is coming into reach -- mainly because it's dropping so fast. It's only 24 points away, so a touch is practically inevitable.

Upgrades to all the short-term trends today...

The bears came close to breaking through the S&P's May low today but the volume just wasn't there. As you can see in the chart below, the index has been range-bound this month, and covered almost the entire range in the last two sessions. Like I said yesterday, I just don't see that range breaking ahead of the long weekend. Another thing that I see developing in the S&P chart is the crash course the 50 and 200-day moving averages are on. The 200 DMA isn't showing in the chart below but it is declining about as rapidly as the 50 is rising. We could start to see price get squeezed as those lines converge in the coming weeks.

The Nasdaq has a similar moving average situation forming, although it seems content to just ride the 200 DMA.

More downgrades to short-term trends today...

It's looking like the oversold bounce has run its course already. The Nasdaq and S&P both peaked just shy of their May highs today before rolling over on higher volume. There were also hundreds of bearish candlesticks made by individual stocks today. That makes me think that the buyers have exhausted themselves in the short term and that this week will end sideways at best. Despite all the bearish candlesticks I saw little that I'd call an outright short. I'd want those stocks to at least break the uptrends that started last week before jumping on them. Absent some bad news I just don't expect that to happen in the next couple of days as volume shoud dry up ahead of the long weekend...

A couple of downgrades to short-term trends today...

The oversold bounce came right on cue with greater than 3% gains across the major indices. Volume was noticeably light at the end of last week, especially given that it was options expiration. It continued to be on the light side today. Despite the light volume, the Nasdaq was able to climb back over its 200-day moving average. That's an impressive feat but it still needs to follow through and clear the congestion zone that all of this month's chopping around the 200 DMA left behind.

The S&P looks poised for an attempt on its 200 DMA.

The VIX touched 30 and dropped to a new 8-month low today. That's well off of its October levels but it wasn't that long ago when today's low of 30 was considered sky high. So it's still about 50% above where it began September 2008, which makes sense given that the indices are still well off of their early September levels.

Several upgrades...

I'm sorry about the lack of posting last week. The site crashed on Tuesday and I just didn't have the energy to rebuild it again. I finally decided to bite the bullet and switch to another blogging platform. The site's functional now but I've got some more tweaking to do and have some old posts to re-upload before it's 100%. So on to the market...

Last week's dip has made the indices the most oversold they've been since the March bottom. It's also made for an interesting trend table (see below). We now have the intermediate-term trends trying to withstand downward long and short-term trend. But that's par for the course when the indices are in no-man's land (what I call the area between the 50 and 200-day moving averages). Given the relatively light volume the end of last week and the oversold stochastic readings I'm expecting a bounce in the short term. Here are charts of the Nasdaq, S&P 500 and the Banking Index (BKX)

No changes

There's not a whole lot new to say as the range-bound trading continues. The Nasdaq and S&P closed very close to where they went out on Tuesday. So the bulls can be happy that they've been able to hold on to the gains made on Tuesday's light volume rally. But while those indices are range-bound I'm starting to see some stocks make new closing highs for the year. Those stocks are across a lot of sectors but some large cap techs, like AAPL, GOOG & RIMM, really jumped out to me. So it wouldn't surprise me to see the QQQQ follow suit. The true test will be whether the broader indices can also make new 2009 highs. For now I'm doubtful...

No changes

We certainly had impressive price action today with 3.5% and 2.6% gains on the Nasdaq and S&P 500, respectively. Once you look at the charts though, the enthusiasm has to be tempered a bit. Volume was severely lacking today. I think that's mostly because the bulk of today's rally came in the first 45 minutes of the day. The market just drifted for the rest of the session. The other notable thing in the charts is that the indices are still range-bound. They've yet to make higher-highs above their May peaks.

The Nasdaq climbed back above its 200-day moving average and the S&P's 200 is coming into reach -- mainly because it's dropping so fast. It's only 24 points away, so a touch is practically inevitable.

Upgrades to all the short-term trends today...

The bears came close to breaking through the S&P's May low today but the volume just wasn't there. As you can see in the chart below, the index has been range-bound this month, and covered almost the entire range in the last two sessions. Like I said yesterday, I just don't see that range breaking ahead of the long weekend. Another thing that I see developing in the S&P chart is the crash course the 50 and 200-day moving averages are on. The 200 DMA isn't showing in the chart below but it is declining about as rapidly as the 50 is rising. We could start to see price get squeezed as those lines converge in the coming weeks.

The Nasdaq has a similar moving average situation forming, although it seems content to just ride the 200 DMA.

More downgrades to short-term trends today...

It's looking like the oversold bounce has run its course already. The Nasdaq and S&P both peaked just shy of their May highs today before rolling over on higher volume. There were also hundreds of bearish candlesticks made by individual stocks today. That makes me think that the buyers have exhausted themselves in the short term and that this week will end sideways at best. Despite all the bearish candlesticks I saw little that I'd call an outright short. I'd want those stocks to at least break the uptrends that started last week before jumping on them. Absent some bad news I just don't expect that to happen in the next couple of days as volume shoud dry up ahead of the long weekend...

A couple of downgrades to short-term trends today...

The oversold bounce came right on cue with greater than 3% gains across the major indices. Volume was noticeably light at the end of last week, especially given that it was options expiration. It continued to be on the light side today. Despite the light volume, the Nasdaq was able to climb back over its 200-day moving average. That's an impressive feat but it still needs to follow through and clear the congestion zone that all of this month's chopping around the 200 DMA left behind.

The S&P looks poised for an attempt on its 200 DMA.

The VIX touched 30 and dropped to a new 8-month low today. That's well off of its October levels but it wasn't that long ago when today's low of 30 was considered sky high. So it's still about 50% above where it began September 2008, which makes sense given that the indices are still well off of their early September levels.

Several upgrades...

I'm sorry about the lack of posting last week. The site crashed on Tuesday and I just didn't have the energy to rebuild it again. I finally decided to bite the bullet and switch to another blogging platform. The site's functional now but I've got some more tweaking to do and have some old posts to re-upload before it's 100%. So on to the market...

Last week's dip has made the indices the most oversold they've been since the March bottom. It's also made for an interesting trend table (see below). We now have the intermediate-term trends trying to withstand downward long and short-term trend. But that's par for the course when the indices are in no-man's land (what I call the area between the 50 and 200-day moving averages). Given the relatively light volume the end of last week and the oversold stochastic readings I'm expecting a bounce in the short term. Here are charts of the Nasdaq, S&P 500 and the Banking Index (BKX)

No changes

There's not a whole lot new to say as the range-bound trading continues. The Nasdaq and S&P closed very close to where they went out on Tuesday. So the bulls can be happy that they've been able to hold on to the gains made on Tuesday's light volume rally. But while those indices are range-bound I'm starting to see some stocks make new closing highs for the year. Those stocks are across a lot of sectors but some large cap techs, like AAPL, GOOG & RIMM, really jumped out to me. So it wouldn't surprise me to see the QQQQ follow suit. The true test will be whether the broader indices can also make new 2009 highs. For now I'm doubtful...

No changes

We certainly had impressive price action today with 3.5% and 2.6% gains on the Nasdaq and S&P 500, respectively. Once you look at the charts though, the enthusiasm has to be tempered a bit. Volume was severely lacking today. I think that's mostly because the bulk of today's rally came in the first 45 minutes of the day. The market just drifted for the rest of the session. The other notable thing in the charts is that the indices are still range-bound. They've yet to make higher-highs above their May peaks.

The Nasdaq climbed back above its 200-day moving average and the S&P's 200 is coming into reach -- mainly because it's dropping so fast. It's only 24 points away, so a touch is practically inevitable.

Upgrades to all the short-term trends today...

The bears came close to breaking through the S&P's May low today but the volume just wasn't there. As you can see in the chart below, the index has been range-bound this month, and covered almost the entire range in the last two sessions. Like I said yesterday, I just don't see that range breaking ahead of the long weekend. Another thing that I see developing in the S&P chart is the crash course the 50 and 200-day moving averages are on. The 200 DMA isn't showing in the chart below but it is declining about as rapidly as the 50 is rising. We could start to see price get squeezed as those lines converge in the coming weeks.

The Nasdaq has a similar moving average situation forming, although it seems content to just ride the 200 DMA.

More downgrades to short-term trends today...

It's looking like the oversold bounce has run its course already. The Nasdaq and S&P both peaked just shy of their May highs today before rolling over on higher volume. There were also hundreds of bearish candlesticks made by individual stocks today. That makes me think that the buyers have exhausted themselves in the short term and that this week will end sideways at best. Despite all the bearish candlesticks I saw little that I'd call an outright short. I'd want those stocks to at least break the uptrends that started last week before jumping on them. Absent some bad news I just don't expect that to happen in the next couple of days as volume shoud dry up ahead of the long weekend...

A couple of downgrades to short-term trends today...

The oversold bounce came right on cue with greater than 3% gains across the major indices. Volume was noticeably light at the end of last week, especially given that it was options expiration. It continued to be on the light side today. Despite the light volume, the Nasdaq was able to climb back over its 200-day moving average. That's an impressive feat but it still needs to follow through and clear the congestion zone that all of this month's chopping around the 200 DMA left behind.

The S&P looks poised for an attempt on its 200 DMA.

The VIX touched 30 and dropped to a new 8-month low today. That's well off of its October levels but it wasn't that long ago when today's low of 30 was considered sky high. So it's still about 50% above where it began September 2008, which makes sense given that the indices are still well off of their early September levels.

Several upgrades...

I'm sorry about the lack of posting last week. The site crashed on Tuesday and I just didn't have the energy to rebuild it again. I finally decided to bite the bullet and switch to another blogging platform. The site's functional now but I've got some more tweaking to do and have some old posts to re-upload before it's 100%. So on to the market...

Last week's dip has made the indices the most oversold they've been since the March bottom. It's also made for an interesting trend table (see below). We now have the intermediate-term trends trying to withstand downward long and short-term trend. But that's par for the course when the indices are in no-man's land (what I call the area between the 50 and 200-day moving averages). Given the relatively light volume the end of last week and the oversold stochastic readings I'm expecting a bounce in the short term. Here are charts of the Nasdaq, S&P 500 and the Banking Index (BKX)

No changes

There's not a whole lot new to say as the range-bound trading continues. The Nasdaq and S&P closed very close to where they went out on Tuesday. So the bulls can be happy that they've been able to hold on to the gains made on Tuesday's light volume rally. But while those indices are range-bound I'm starting to see some stocks make new closing highs for the year. Those stocks are across a lot of sectors but some large cap techs, like AAPL, GOOG & RIMM, really jumped out to me. So it wouldn't surprise me to see the QQQQ follow suit. The true test will be whether the broader indices can also make new 2009 highs. For now I'm doubtful...

No changes

We certainly had impressive price action today with 3.5% and 2.6% gains on the Nasdaq and S&P 500, respectively. Once you look at the charts though, the enthusiasm has to be tempered a bit. Volume was severely lacking today. I think that's mostly because the bulk of today's rally came in the first 45 minutes of the day. The market just drifted for the rest of the session. The other notable thing in the charts is that the indices are still range-bound. They've yet to make higher-highs above their May peaks.

The Nasdaq climbed back above its 200-day moving average and the S&P's 200 is coming into reach -- mainly because it's dropping so fast. It's only 24 points away, so a touch is practically inevitable.

Upgrades to all the short-term trends today...

The bears came close to breaking through the S&P's May low today but the volume just wasn't there. As you can see in the chart below, the index has been range-bound this month, and covered almost the entire range in the last two sessions. Like I said yesterday, I just don't see that range breaking ahead of the long weekend. Another thing that I see developing in the S&P chart is the crash course the 50 and 200-day moving averages are on. The 200 DMA isn't showing in the chart below but it is declining about as rapidly as the 50 is rising. We could start to see price get squeezed as those lines converge in the coming weeks.

The Nasdaq has a similar moving average situation forming, although it seems content to just ride the 200 DMA.

More downgrades to short-term trends today...

It's looking like the oversold bounce has run its course already. The Nasdaq and S&P both peaked just shy of their May highs today before rolling over on higher volume. There were also hundreds of bearish candlesticks made by individual stocks today. That makes me think that the buyers have exhausted themselves in the short term and that this week will end sideways at best. Despite all the bearish candlesticks I saw little that I'd call an outright short. I'd want those stocks to at least break the uptrends that started last week before jumping on them. Absent some bad news I just don't expect that to happen in the next couple of days as volume shoud dry up ahead of the long weekend...

A couple of downgrades to short-term trends today...

The oversold bounce came right on cue with greater than 3% gains across the major indices. Volume was noticeably light at the end of last week, especially given that it was options expiration. It continued to be on the light side today. Despite the light volume, the Nasdaq was able to climb back over its 200-day moving average. That's an impressive feat but it still needs to follow through and clear the congestion zone that all of this month's chopping around the 200 DMA left behind.

The S&P looks poised for an attempt on its 200 DMA.

The VIX touched 30 and dropped to a new 8-month low today. That's well off of its October levels but it wasn't that long ago when today's low of 30 was considered sky high. So it's still about 50% above where it began September 2008, which makes sense given that the indices are still well off of their early September levels.

Several upgrades...

I'm sorry about the lack of posting last week. The site crashed on Tuesday and I just didn't have the energy to rebuild it again. I finally decided to bite the bullet and switch to another blogging platform. The site's functional now but I've got some more tweaking to do and have some old posts to re-upload before it's 100%. So on to the market...

Last week's dip has made the indices the most oversold they've been since the March bottom. It's also made for an interesting trend table (see below). We now have the intermediate-term trends trying to withstand downward long and short-term trend. But that's par for the course when the indices are in no-man's land (what I call the area between the 50 and 200-day moving averages). Given the relatively light volume the end of last week and the oversold stochastic readings I'm expecting a bounce in the short term. Here are charts of the Nasdaq, S&P 500 and the Banking Index (BKX)

No changes

There's not a whole lot new to say as the range-bound trading continues. The Nasdaq and S&P closed very close to where they went out on Tuesday. So the bulls can be happy that they've been able to hold on to the gains made on Tuesday's light volume rally. But while those indices are range-bound I'm starting to see some stocks make new closing highs for the year. Those stocks are across a lot of sectors but some large cap techs, like AAPL, GOOG & RIMM, really jumped out to me. So it wouldn't surprise me to see the QQQQ follow suit. The true test will be whether the broader indices can also make new 2009 highs. For now I'm doubtful...

No changes

We certainly had impressive price action today with 3.5% and 2.6% gains on the Nasdaq and S&P 500, respectively. Once you look at the charts though, the enthusiasm has to be tempered a bit. Volume was severely lacking today. I think that's mostly because the bulk of today's rally came in the first 45 minutes of the day. The market just drifted for the rest of the session. The other notable thing in the charts is that the indices are still range-bound. They've yet to make higher-highs above their May peaks.

The Nasdaq climbed back above its 200-day moving average and the S&P's 200 is coming into reach -- mainly because it's dropping so fast. It's only 24 points away, so a touch is practically inevitable.

Upgrades to all the short-term trends today...

The bears came close to breaking through the S&P's May low today but the volume just wasn't there. As you can see in the chart below, the index has been range-bound this month, and covered almost the entire range in the last two sessions. Like I said yesterday, I just don't see that range breaking ahead of the long weekend. Another thing that I see developing in the S&P chart is the crash course the 50 and 200-day moving averages are on. The 200 DMA isn't showing in the chart below but it is declining about as rapidly as the 50 is rising. We could start to see price get squeezed as those lines converge in the coming weeks.

The Nasdaq has a similar moving average situation forming, although it seems content to just ride the 200 DMA.

More downgrades to short-term trends today...

It's looking like the oversold bounce has run its course already. The Nasdaq and S&P both peaked just shy of their May highs today before rolling over on higher volume. There were also hundreds of bearish candlesticks made by individual stocks today. That makes me think that the buyers have exhausted themselves in the short term and that this week will end sideways at best. Despite all the bearish candlesticks I saw little that I'd call an outright short. I'd want those stocks to at least break the uptrends that started last week before jumping on them. Absent some bad news I just don't expect that to happen in the next couple of days as volume shoud dry up ahead of the long weekend...

A couple of downgrades to short-term trends today...

The oversold bounce came right on cue with greater than 3% gains across the major indices. Volume was noticeably light at the end of last week, especially given that it was options expiration. It continued to be on the light side today. Despite the light volume, the Nasdaq was able to climb back over its 200-day moving average. That's an impressive feat but it still needs to follow through and clear the congestion zone that all of this month's chopping around the 200 DMA left behind.

The S&P looks poised for an attempt on its 200 DMA.

The VIX touched 30 and dropped to a new 8-month low today. That's well off of its October levels but it wasn't that long ago when today's low of 30 was considered sky high. So it's still about 50% above where it began September 2008, which makes sense given that the indices are still well off of their early September levels.

Several upgrades...

I'm sorry about the lack of posting last week. The site crashed on Tuesday and I just didn't have the energy to rebuild it again. I finally decided to bite the bullet and switch to another blogging platform. The site's functional now but I've got some more tweaking to do and have some old posts to re-upload before it's 100%. So on to the market...

Last week's dip has made the indices the most oversold they've been since the March bottom. It's also made for an interesting trend table (see below). We now have the intermediate-term trends trying to withstand downward long and short-term trend. But that's par for the course when the indices are in no-man's land (what I call the area between the 50 and 200-day moving averages). Given the relatively light volume the end of last week and the oversold stochastic readings I'm expecting a bounce in the short term. Here are charts of the Nasdaq, S&P 500 and the Banking Index (BKX)

No changes