Posted in Daily Comment, SPY on Jun 24th, 2008
I’ve been away from the market for nearly two weeks. Before I left I was worried about the deteriorating technical condition and the very weak advance/decline line. There was certainly some good downside to trade. I was close to changing the baby bull and putting the bear back in the box in the upper left. [...]
Posted in Daily Comment, SPY on May 21st, 2008
Early in the session higher crude oil prices were pressuring the stock indexes. Later in the session the Fed minutes were released and the indexes started dropping with more urgency. It seems the market was worried about the Fed saying they were about done with dropping interest rates. I thought everyone knew that. If that [...]
Posted in Daily Comment, QQQQ, SPY on May 20th, 2008
Stock indexes fell right from the open today, but closed well off the lows of the day. It seems the stock indexes lately are making turn-around moves mid to late in the day, thus leaving buying or selling tails. It’s nice when the bulls or bears win a decisive victory and the indexes can close [...]
Posted in Currencies, Daily Comment, SPY on May 12th, 2008
My last few updates suggested a retest of the moving averages. Last Friday the S&P, as can be seen in the SPY eft chart on the left, the index fell right to the lower moving average line (the darker blue line) almost to the tick. Today (Monday) the low of the day held right on [...]
Posted in Daily Comment, SPY on Apr 30th, 2008
The Fed did the expected 1/4 point drop in both the discount rate and fed funds rate. The wording was also basically unchanged from the last meeting. The is a perception that the dollar bashing phase is coming to an end, finally, and that the commodity bubble can finally pop on the rising dollar. The [...]