The ISM Services report really threw the market for a loop today. When services make up some 90% of the economy you really don’t want to see weakness there. What we saw today was simply recession fears:
Signs of a recession. Both the 41.9 business activity reading and the 44.6 summary number represent the [...]
There’s not much to say right now. We’ve just got to wait & see how the market reacts to the Fed decision this afternoon.
On Today’s Calendar:
2:15 — FOMC Policy Statement
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for [...]
Here we go again. The futures are getting clocked thanks to Apple and another round of rumors & worries about bank write-offs. I figured yesterday’s lows would have to get retested but I didn’t think it would be this quick. There’s no gap fade in my plans today. Maybe I’ll [...]
I don’t know if today was THE big capitulation day everybody’s been waiting for or not. I suspect that it wasn’t but time will tell. I’m doubtful because volume, while high, wasn’t high enough for me. I also didn’t like the intraday action as far as shaking out sellers goes. I’d [...]
Note: I have an appointment in the morning so there won’t be watchlist for Monday.
Obviously last week was bad for the bulls. There was a lot of technical damage done on higher than average volume. The usual index charts are below along with a bunch of individual stock charts. [...]
After a couple of dicey, back & forth days, the bulls are reasserting themselves. The tech-heavy Nasdaq continues to lead the way. It made its second highest close for the year today.
Things are a little less rosy for the S&P 500, although it did climb back above its 50-day moving average. I’m [...]
Here’s a chart of Interactive Brokers Group, Inc. (IBKR) for Matt:
As I’ve mentioned several times over the years, I love to catch recent IPOs once they hit new highs after basing for a few/several months. IBKR appears to still be working off the post-IPO hangover. The chart shows a lot of pain for [...]
Jon wanted me to take a look at Whirlpool’s chart. This one is kinda tricky. It had a huge breakout in late April and then basically flat-lined for two months. It’s good that it’s holding on to the April gains but the recent weakness and slide under the 50-day moving average has [...]
Here’s a weekly chart of DealerTrack Holdings, Inc. (TRAK), which is WallStrip’s stock for the day. The stock has nearly doubled over the last 12 months or so. Like many stocks at or near all-time highs, there’s really not a whole lot to say about the chart. Hopefully people are already [...]
Here’s a chart of Fuel Tech Inc. (FTEK) for Jeff.
FTEK has had a huge run over the last few years. It’s up about 650% since 2005 so anybody who’s been in it for more than a minute is doing quite well. It broke out to new all-time highs last month on [...]
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