Posted in Daily Comment on Aug 15th, 2007
The stock indexes tried to mount a rally today, but selling kept coming into each impulse up. The markets finally succumbed to the selling pressure and closed with sharp losses across the board. The root of the problem seems to be the financials. I included a chart of the XLF, which is the S&P spider [...]
Posted in Daily Comment on Aug 14th, 2007
The stock indexes resumed the downtrend today. After the narrow range day yesterday, the market was set up to make a directional move today. It did so, but one could not really call this a trend day down, as there was much rotation, or up and down movement, throughout the day, with the bias clearly [...]
Posted in Daily Comment on Aug 13th, 2007
Today was a more normal August trading session. The session today in the stock indexes was a bit choppy, but the ranges were very tight. You can see how small today’s bar was on the chart, compared to what the ranges have been over the last couple of weeks. I only put up the QQQQ [...]
Posted in Daily Comment on Aug 10th, 2007
The stock indexes were another yoyo today. The Fed kept injecting money into the system, the news was full of talk on the sub-prime slime, and the daytraders were taking advantage of the chop with wild swings with wider than normal bar ranges on the intra-day charts. Momentum turned down on all indexes as of [...]
Posted in Daily Comment on Aug 9th, 2007
Stocks, especially financials, got hit hard today right from the open on overnight news of European credit risk and banking liquidity. The Nasdaq 100 (QQQQ) held up relatively well for almost the entire session, and was actually up at one point, but with every rally attempt in the broader market met by waves of selling, [...]