I’m placed a short trade on FCX. I’m using the July 1 high as a stop. If this H&S does not get invalidated and does breakdown, this is a nice spot to enter.
I placed a short trade on MON. I’m playing the retest of the H&S breakdown.
XLE is another retracement from a breakdown. If 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. [...]
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 [...]
Before I posted tonight, I figured I would see what the other bloggers are saying. I often read what other bloggers are saying after I post so that the thought of others does not my poison my own thoughts. When I read the other blogs, there is definitely a bearish tilt. I say this with [...]
I’m not going to post the broader index charts tonight because the action right now is the drop of the US Dollar.
I know my readers have been following the dollar and commodities. I hope all of you have been making money off the move.
The VIX bounced right off my 23.6% fib and I promptly [...]
Volatility has not been this low since September. I must admit I am starting to get bored. My portfolio is getting bored too. I am 100% invested right now (which is quite unusual for me) and my portfolio has barely moved in either direction this week.
The QQQQs could not break new resistance today in the [...]
I have flipped through a few hundred charts and I see more patterns and technical setups than I have seen in a real long time. Some weeks, one Sunday does not look much different than the last. There was a lot of movement in the market last week and the technical setup has changed quite [...]
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 [...]
Tonight I’m weighing the evidence. A bull case and a bear case. I’ll let my readers be the judge.
Bullish
- SPY broke key resistance at 800
- DIA broke key resistance at $80
- QQQQ broke key resistance at $31.80
- XLI broke above $20 on good volume. It tested $20, pulled back on low volume and then [...]