Posted in Daily Comment on Aug 22nd, 2007
I WILL BE ON VACATION UNTIL MONDAY, AUG 27th. I WILL RESUME POSTING THEN. PLEASE NOTE THE TRENDS ARE ONLY UPDATED THROUGH TODAY, AUGUST 22nd. Also, if you post a first comment I may not be able to approve it until I return.
The stock indexes continued higher today. The bulk of the move happened on [...]
Posted in Daily Comment on Aug 21st, 2007
Most of the stock indexes closes the session today slightly higher, with the Nasdaq leading the way up with almost a 1% gain, while the Dow was off a bit. I’m only including the Dow 30 Diamonds ETF chart today. The trend here is clearly still down. The hammer candle and momentum divergence of four [...]
Posted in Daily Comment on Aug 20th, 2007
The stock indexes were little changed today. The S&P was down slightly, while the Dow and Nasdaq were a bit higher. Gold was flat. The chart here is the S&P spider ETF with the New York Stock Exchange advance/decline line in the sub-graph - with the blue line the AdvDec line and the yellow line [...]
Posted in Daily Comment on Aug 17th, 2007
The markets rebounded nicely today. The bearish move down ended yesterday, at least for the moment, with the rejection of lower prices and the resulting hammer candle yesterday. The market indeed hammered out a bottom in classic fashion, with sentiment extremely bearish at the bottom. The Fed cut the discount rate by 50 basis points [...]
Posted in Daily Comment on Aug 16th, 2007
The stock indexes staged a late-day recovery. The day was another choppy roller coaster, with very negative sentiment during the session. It looked like typical capitulation. Every little rally for most of the session was met by fast liquidation. The length of the upswings was mostly very short compared to the length of the downswings. [...]