Today, Tomorrow, and the Next
Tuesday, the S&P rallied on decent volume to close above 1273. The rally saved the market from immense technical damage by not confirming a close below the Bear Stearn’s low of 1257. Oil prices fell by more than $5, which opened the door for a rally. The rally was led by [...]

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4:04pm
What a nice rally. Stay tuned for today’s video
3:37pm
Financials leading the market. XLF up nearly 5% in today’s session.
3:12pm
Coming into some resistance at 1273 on the ES. We have no plans of covering anything today. This is day 1 of a rally that should last at least a couple weeks.

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Today, Tomorrow, and the Next
Monday, the S&P made a new intraday low at 1240.68 and closed at a new low at 1252.31. The market was able to rally off its lows, but is threatening to do severe technical damage with a lower close tomorrow. Oil was weak today, closing lower by nearly $4, yet the [...]

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Today, Tomorrow, and the Next
Today, S&P made its lowest close of the year at 1261.50. The selling was strongest in recent leaders, including steel, coal, ag, and oil stocks. The financials actually held up better than the overall market. Technology shares got hit hard, giving up all of yesterday’s gains. The market is trading inversely [...]

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Today, Tomorrow, and the Next
Tuesday, the first day of the 3rd quarter, saw the S&P put in a beautiful bottoming candle on very strong volume. The SPX got as low as 1261, just $3.70 from its intraday low on Bear Stearns Day - March 17. After making a new low on high volume, the market [...]

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Today, Tomorrow, and the Next
Friday failed to produce any kind of meaningful bounce for the market. Oil traded above its recent range closing above $140 for the first time. This is yet another technical breakout for the price of oil, but this one appears to be a little too obvious. I suspect that oil is [...]

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Today, Tomorrow, and the Next

Thursday was an absolute bloodbath on Wall Street as the S&P fell 39 points on strong volume and closed right at the lows of the session to 1283.
In the short-term, we want to be cautious here and keep a close eye on oil prices.

A break above oil’s recent trading range [...]

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3:35pm
Part of me wants to load up on SSO (L) at the close but I’m not going to. Here’s why. I think all the bad news is factored in the market in regards to financials, but oil is the wild card. Oil made a new intraday record high today and is threatening to break out [...]

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Today, Tomorrow, and the Next

Wednesday, Fed day, the S&P put in a misplaced topping candle, which is a bullish candle when located near the bottom of an extended selloff.
For tomorrow,

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Today, Tomorrow, and the Next

The markets have put in 2 consecutive doji candles on Monday and Tuesday ahead of Wednesday’s Fed meeting.

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