Tonight I will let the charts speak for themselves.
SPX looks like it is ready to break 880. With that in mind, I won’t be surprised to see a little more development of the right shoulder before the breach. Why do I feel so strongly that it will ultimately break?
Today we got a breakdown on the [...]
I ended up taking a short vacation this weekend, so there will be no educational post until later this week (likely Saturday).
I do think Thursday’s weak price action will spill over into this week. If you look at the overnight futures from Thursday, the head and shoulders pattern is obvious but the target after the [...]
Finally, a day with some action. I had a decent day today, but with my portfolio generally being light I’m not doing victory laps. I did use today to simplify my portfolio. I mentioned this morning that I sold off my SPY short. I got the move in the big gap down but missed the [...]
I mentioned in the middle of the day today that resistance holding on DIA at $85.35 was a key level. This level held and we spent most of the day range bound between $85 and $85.35 after about 10:30 EST. If this level holds, the argument for a H&S topping pattern stays in tact. [...]
I’ve been through a lot of charts this morning and I am seeing both bullish and bearish setups. I don’t see strong evidence to support taking a bullish bias or bearish bias. With this in mind, I am trading small right now and trading out of a hedged portfolio. My current bias is a little [...]
My computer was not broken today. I just didn’t have much to trade today.
The VIX hit its lowest point since last September. It was tempting to attempt a support bounce via VXX but I didn’t need additional short exposure.
About all I did today was trade in a portion of my SPY hedge for a [...]
The break above $35.40 was not helpful. While one close above our breakdown point is not such a big deal, it certainly does not give me confidence that this level is a strong wall of resistance.
With the QQQQs, SPY, IWM and DIA not providing us a clear idea of where things are headed, I think [...]
Tonight I decided to revisit my posts from early March.
Short Term Price Target Reached on $SPX – http://chartsandcoffee.blogspot.com/2009/03/short-term-price-target-reached-and.html
Long Case for $SPX – http://chartsandcoffee.blogspot.com/2009/03/update-long-case-for-spx.html
While we are not in slam dunk mode like we were in early March [yet], I am getting excited because I think the market may be getting easier from a directional standpoint. In [...]
Another day of low volume. Even the QQQQs with Intel reporting earnings last night had low volume. Everyday the low volume continues into the earnings season it gets more and more interesting. Is it just pure indecision? Are a bunch of traders just playing it safe until we get a definitive move out of this [...]
My analysis of the coming week is that the market right now is harder than it has been all year. While it may seem boring, I will continue to play the market from a hedged portfolio. I’m staying in idle mode and I am keeping the throttle pulled back.
From a bullish perspective, all of [...]