Posted in Daily Comment on Feb 7th, 2008
Stock indexes hooked back up today. It was a choppy session, with a lower opening, a sharp rally, then going back into the red, and then finally being able to hold onto a rally. The Nasdaq, which has been the weakest of the indexes, opened sharply lower into the tail area, or rejection area, from [...]
Posted in Daily Comment, QQQQ on Feb 6th, 2008
Stocks opened higher today, after the plunge on Tuesday, but the market started to fade, and the move was fueled a bit by Philly Fed president comments. The market staged another selloff that is continuing into the evening as I write this. Today I will include the Nasdaq ETF, as that index is already very [...]
Posted in Daily Comment on Feb 5th, 2008
Stock indexes dropped sharply today right on schedule. Prices on the S&P reversed right on the 50% retracement level as you can see on the chart from yesterday. Several momentum indicators turned down yesterday as well. The double stochastic also had the first kink down, although it wasn’t as sharp and clear as I would [...]
Posted in Daily Comment, SPY on Feb 4th, 2008
Stock indexes were lower today. To the right is the etf of the S&P 500. I drew retracement levels from the swing high to the recent swing low. The high of yesterday and today were both very near the 50% retracement level of that swing. Prices also pushed right up into the slower line of [...]
Posted in Daily Comment, Gold, SPY, Stock Market on Feb 1st, 2008
The stock rally continues, at least in the major indexes. I have been skeptical of this rally as trends are still down and short term momentum is overbought. In the S&P this is shaping up to be a very rare “V” shaped bottom, at least it appears to be on the chart. That spike pivot [...]
