Posted in Daily Comment, Uncategorized on Jul 24th, 2007
Stock sold off hard today, especially in the last part of the day. Intraday the QQQ bounced off support and was actually up for the day at one point, but selling pressure resumed and all indexes close sharply lower. On the one I was worried about the advance decline divergences, downturn in momentum, and those [...]
Posted in Daily Comment on Jul 23rd, 2007
The Dow and S&P were up a bit, with the Nasdaq 100 down a fraction. On the chart I have the ETFs of the three indexes, along with a 30 day regression line, and the extensions of the swing pivots. On the scale to the right are numbers representing in black the closing prices, in [...]
Posted in Daily Comment on Jul 20th, 2007
The gold market continued its advance. Prices came off the highs a bit, but still made a solid advance, as it looks like the downtrend that had been in place is over for now. Gold has a tendency to make many false trend reversals, but this one may hold. There may be quite a bit [...]
Posted in Daily Comment on Jul 19th, 2007
Stocks had some follow through today, as did gold. The Nasdaq gapped up and remained up a bit but closed poorly. If down on Friday it could leave a nasty looking upthrust on the chart. The S&P ETF on the chart to the left several small upthrusts that rejected prices, with three of the candles [...]
Posted in Daily Comment on Jul 18th, 2007
The Gold market had been in a fairly well defined downtrend. Today it made a big move up. The market had made a classic three drives to a bottom with positive divergences in the momentum indicators. My previous comment was to wait for trend to confirm it has turned up and then buy pullbacks. I’ve [...]