This was a pretty quiet day thanks to the bank holiday driven lack of volume. The indices are a little higher than they were at my last recap but my outlook is basically the same. I'm a little more worried about earnings season kicking off though since the indices are right at the September (and multi-month) highs and short-term overbought. That's telling me that the earnings reports had better be stellar or else down we go. We'll have a good idea real soon as earnings start to pour in tomorrow. There is a good amount of economic data due this week as well -- Philly Fed, Retail Sales, FOMC Minutes, CPI... It should be an action packed week, and I didn't even mention options expiration.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Once again nice recap Michael. You always remind me to pay attention to Stochastics on the indexes, so important. Shorts are primed to get burned here (again).
Why do you think the shorts are primed?
Elliot Wave coming up
Mike, I forgot my email and name on first submission, sending again, hope you can catch the omission in moderation stage.
This just in, and too precious to ignore. The chief at CITI is named "Peek", and he thinks this is a good time to get out. I wonder where his stock options will be priced. I bet he exercises them all immediately.
I don't have experience of "hundreds or thousands" of Fib Fan charts, but I like the idea, since combining price and time seems important. Look at XLF.
This rally must be near the end, since I had the honest realization that perhaps this tanker (economy) had been turned around and that way more upside is possible.
And just in case you hadn't noticed....America's government has been taken over by Bankers. This is not a good thing.
Check out the BKX charts, I really like the way these turn out. 0% to 5% more upside. This Charade is near a top.
Irony upon Irony, being Bearish is not Good for your health. The Chicago Cubs are Bankrupt, and that is another opportunity for charlatans to steal from the American Taxpayer.
http://money.cnn.com/2009/09/21/news/companies/zell_tribune_chicago_cubs.fortune/index.htm
http://oahutrading.blogspot.com/2009/10/cit-ceo-resigning-at-peek-and-bkx.html
Thank you for these posts! They're all free and I can tell you put a great deal of time into posting these charts.
Marshall Donnerbauer
Do you hear that sound Mr. Anderson? That is the sound of short covering inevitability.
Sky is the limit?
Where to now Mike?