Posted in Daily Comment, QQQQ, SPY on Sep 3rd, 2008
Stocks ended the day with the S&P and Dow little changed while the Nasdaq continued down. The chart above shows the Nasdaq etf in the upper graph, and the S&P etf in the lower graph, along with the mesa adaptive moving average on each. I had been somewhat more favorable toward the Nasdaq over the [...]
Posted in Daily Comment on Sep 2nd, 2008
Stock indexes gapped up on plunging crude oil and relief that the hurricane did not cause as much damage as feared. However, shortly after the open the indexes failed to push higher. All buying power seemed to exhaust quickly. The Nasdaq started to reverse into the red first, followed by the S&P. The stayed in [...]
Posted in Daily Comment, SPY on Aug 28th, 2008
The S&P extened that upmove that started after the big sell-off on Monday. The volume was very light as can be expected going into Labor Day. There is news and another trading day to go. Anything can happen when many traders are not in their offices. The chart looks like the recent pullback formed a [...]
Posted in Daily Comment on Aug 20th, 2008
The stock indexes have pulled back this week. The trends are still holding up, and very slightly in the S&P, with momentum now back to the oversold level. Weekly momentum is still climbing. If any upturn in momentum should occur, the recent uptrend may still have more to go. Advance/decline still looks bad. Volume did [...]
Posted in Daily Comment on Aug 5th, 2008
The stock indexes closed with a healthy gain into the upper end of the recent trading range. The trend indicators are just now coming together, that is, possibly turning back up from the downtrend that has been in effect since early June. Momentum on the daily and weekly charts have turned up from oversold areas. With [...]
