Posted in Daily Comment on Jul 31st, 2007
The above chart of the QQQQ shows a nasty looking wide range, outside bar to the downside. The market gapped up on the open and just couldn’t hold onto the gains. Late in the day all the indexes accelerated to the downside. I had expected a bit of upside and then a re-test of the [...]
Posted in Daily Comment on Jul 30th, 2007
Stock indexes rallied today. A dead cat bounce was expected, as the market was very oversold short term. Today I’ll focus on the QQQQ as it is the only index that still has some hope of an uptrend remaining intact. The SPY and IWM were up a bit more on a percentage basis, and DIA [...]
Posted in Daily Comment on Jul 27th, 2007
The stock indexes continued sharply down today. There was a bit of a recovery attempt early in the day, probably as bulls throught the tail left on yesterday’s charts might have been a climax to the selloff. But it wasn’t to be, as late in the day the bears hammered prices down violently. Gold was [...]
Posted in Daily Comment on Jul 26th, 2007
Stock indexes and gold suffered large losses today. The Nasdaq, shown here as the QQQQ fared better than the S&P, shown as the SPY etf in top graph. The Q’s held support and closed well of their lows. The S&P broke support and is well under the swing point drawn with the blue line. Gold [...]
Posted in Daily Comment on Jul 25th, 2007
Stocks rebounded a bit in a very choppy sessions. I’m getting seasick watching the ups and downs of these markets. The S&P, as represented by the ETF in the top subgraph shows that test of the support level. It tried to take out support, but selling dried up and the market rebounded after trying several [...]
