3:49pm
Remember, the trend in this market is higher. Don’t be scared of pullbacks. Embrace them. We bought some SSO down here. We could consolidate more tomorrow so don’t put a full position on just yet. A fakeout move under the ascending trendline is also possible. Stay tuned for today’s video.
Market Outlook
07
Aug
06
Aug
4:00pm
This market sure is interesting. The S&P rallied up to the 1291 level and then consolidated just under just under it. Financials did not participate in the rally today, perhaps taking a rest after yesterday’s push. FNM and FRE were both down big, but the overall market did not pay much attention. AIG about to [...]
05
Aug
Tomorrow and the Next
Tuesday, the S&P staged an impressive rally, moving higher by 36 points to 1285. The next upside target for the S&P is the descending 50 moving average, which currently sits around 1304. In order to reach that level, the index will need to push through the 1291 double-top. Financials may continue to [...]
29
Jul
Tomorrow and the Next
The S&P rallied 29 points on Tuesday to close at 1263. The move followed Monday’s light volume selloff that completed a 61.8% Fibonacci retracement (1200 low to 1291 high). The market remains very volatile and the charts are not painting a clear picture. At first glance, the rally off 1200 looks healthy, [...]
23
Jul
Tomorrow and the Next
Wednesday, the market continued its trend higher, with the S&P notching a 5 point gain to 1282. Intraday, the S&P bumped up against solid resistance at the 1291 level. This level coincides with a 38.2% retracement from the 1440 high to the 1200 low. It also happened to line up the 200 [...]
22
Jul
Tomorrow and the Next
Tuesday, the S&P logged an impressive reversal and closed near session highs at 1277. The rally was led by financials, with the XLF gaining more than 5%. The SPX has rallied 6.4% in six sessions, closing above its 20 moving average. The rally has come on decent volume and appears healthy, as [...]
18
Jul
Today, Tomorrow, and the Next
Friday was a rather boring day. The S&P ripped higher during the pre-market on Citigroup’s earnings results, and then traded in a narrow range the rest of the day. The S&P closed near the top of its intraday range at 1260. The price never reached the 20-moving average on the daily [...]
16
Jul
Today, Tomorrow, and the Next
Wednesday was a monster day for the S&P, as the financials led the way with the XLF posting a 12% gain. The move higher coincided with another sharp decline in the price of oil. The move today was large, but the rally needs confirmation over the next few days. The SPY [...]
14
Jul
Today, Tomorrow, and the Next
Monday, was a classic gap n’ crap, as they call it on Wall Street. The market gapped higher on news that the government will support FRE and FNM. But the market could not hold its gains, led lower by the same old culprit, the financial sector. The SPX closed at a [...]
10
Jul
Today, Tomorrow, and the Next
Thursday, the S&P managed a rally of more than 8 points despite continued weakness in financials and a considerable spike in the price of oil. The SPX closed at 1253.39, marking the 2nd consecutive close below the Bear Stearn’s intraday low of 1257. Technically, this confirms a breakdown to new lows, [...]
