I’m starting out tonight by taking a look at the moving averages. I have provided an updated table below.
There was more technical damage done last week. The 100 DMAs were broken on SPX, QQQQ and IWM. PGJ (China ADRs) broke below its 200 DMA by just a touch joining FXI (state owned China) which was [...]
On December 8th, I mentioned the relative strength from Japan and the weakness from Germany, Australia and Canada.
I was reading IBD this morning and the paper has a graphical representation by country of the returns year to date of the benchmark ETFs for the countries in the table below. Note that Japan was the [...]
Continue reading about Foreign ETFs Are Really Just Levered Bets
Off topic post. For those that want to see NFL Network but have Time Warner cable (not available on Time Warner), I located a link to view NFL Network over the Internet.
This link is for the mobile feed. I’m using it to watch the Senior Bowl.
mms://wssus.mobitv.com/wm44_320?t=-nJfAypHlqqnZkgAAAADNZUs
I continue to focus on investing in distressed regional banks. I’m not comfortable investing in the momentum names right now so I’m nibbling a bit on the value side. As I mentioned earlier in the week, the low hanging fruit has generally been picked already. The only spot I am finding value is with a [...]
A Dow with a 9 in front of it could have quite an impact on market psychology. I continue to believe that the indexes will test their 200 DMAs.
Above is a picture of the Cosmopolitan Hotel & Casino. The $3.9 billion casino is currently owned by Deutsche Bank through a foreclosure sale.
Daily Finance has an interesting article about how this project evolved from the bubble days to a distressed project owned by its lender.
Just a few years ago, a loan to [...]
PGJ might be good for a bounce here. It is trading at its 200 DMA and RSI is at 29. If I do take the entry, I would keep it tight. Note, that I believe this would be a counter-trend trade. I would be looking for an exit between $23.50-$24.
I have not yet taken [...]
FXI has made a definitive break below its 200 DMA. In fact, it is down about another 1% in the pre-market this morning. The next logical magnet for price is the 300 DMA although I would expect to see a lower high before it goes much lower.
All of the major indexes look similar [...]
Yesterday I posted about the potential for a technical breakdown on the FXI and PGJ charts. I am operating under the assumption that China is the global engine right now. Further, if China is weak I am assuming that the US markets will be weak too. How I do arrive at making this conclusion?
I [...]
I am not surprised to see a bounce this morning. ES was up 8 when I woke up and is currently up about 6. China is what matters and if FXI/PGJ breakdown it is unlikely it will happen without a fight.
FXI is sitting on both horizontal support and just below its 200 DMA. I [...]
Continue reading about Morning Report: China Forming Complex Head and Shoulder Pattern
