Posted in Daily Comment on Sep 12th, 2007
The stock indexes were all on the flat side today, as was gold. Stocks had many false starts and attempted to make good gains mid-day, but faltered somewhat to close mixed to slightly higher. However, it was enough to turn the very short-term momentum indicators up on all broad indexes and the remaining sectors that [...]
Posted in Daily Comment on Sep 11th, 2007
Stock indexes were high today, as was the gold market. All major stock indexes closed with better than one per cent gains. Volume was light. The Nasdaq 100/QQQQ chart on the left shows how the day session started right off with a gap from the close of the previous bar, and right on the three [...]
Posted in Daily Comment on Sep 10th, 2007
Stocks ended mixed to lower today, with the small and mid-cap leading the way lower, and with the QQQQ holding steady, all on slightly lower volume. There isn’t much to show on the S&P as the chart looks about the same as that shown last Friday, except momentum is heading a bit lower, and bar [...]
Posted in Daily Comment on Sep 7th, 2007
Weaker than expected non-farm payroll data caused a large gap down opening today on the stock index futures. It wasn’t long ago that such a report would have caused a rally instead of a decline. The prospects for a weak economy would be bullish for stocks because it would mean the Fed would probably have [...]
Posted in Daily Comment on Sep 6th, 2007
Gold extended its up-move out of the congestion today, with a relatively large range bar. The upmove of two days ago (Tuesday) took out a minor pivot drawn with the yellow horizontal line with momentum turning up. It was encouraging that the up-move held on the small consolidation day yesterday. Today momentum accelerated up and [...]