Posted in Baltic Dry Index, SPY on Jan 16th, 2008
Stock indexes sold off on the open today, then rallied into positive territory, then sold off again to close a little lower than the open, but off the lows. The Nasdaq futures closed right about where they opened, leaving a candle that appears as indecision. Momentum is down in all the indexes, as are the [...]
Posted in Daily Comment, SPY on Jan 15th, 2008
Stock indexes were sharply lower today. On the chart above I drew a red line from the buying tail on the candle from Aug 16th. That had been an area of some support in late November, and it seemed that the market was trying to reject that area over the last week or so. But [...]
Posted in Daily Comment on Jan 14th, 2008
Not much new to post in a chart. The S&P and Nasdaq rallied to mostly erase the loss from last Friday. Momentum indicators are still pointing up, with main trend on the daily charts still down. This is a tradeable bounce to the upside, but probably a better opportunity on the short side may present [...]
Posted in Baltic Dry Index, SPY on Jan 11th, 2008
Stock indexes were hit hard again today with the major indexes giving up all or some of the gains from Thursday. Grains exploded higher on crop news and helpd fuel the continued rally in gold despite falling crude and a flat dollar.
The Baltic Dry Index has made a 50% correction of the last impulse wave [...]
Posted in Daily Comment on Jan 10th, 2008
The was some follow-through on the stock indexes today. As was pointed out yesterday, there was a price rejection tail left on the charts on Wednesday. Although trends were, and are still down, momentum had kinked up from an oversold level. I suggested a move up into the area of the moving average lines. Today [...]
