Unlike the rest of the market, utilities have been moving up nicely over the past month. A little breakout today.
XLU continues to be a nice holding for retirement accounts. I own some XLU and SO in my retirement account and I’m watching to see if it can breakout over $31.50. If $31.50 is [...]
I haven’t made a single trade today. The indexes continue to churn up against expected resistance points and I’m not able to find any setups today. We also have the jobs report tomorrow and I’m happy with how my portfolio is setup going into tomorrow. I decided to take a look at the major indexes [...]
I started looking at various market indexes this morning and wondered how it was possible that the stock market could be 50-60% off of its lows (but still 30% from its highs) with fake government unemployment numbers approaching 10% and real unemployment above 10%. In terms of failed institutions, we have lost Bear Stearns, Lehman [...]
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. [...]
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 [...]
Today looked like a snoozer, but it was really quite a meaningful day.
Prior support became resistance on the QQQQs. The high tested prior support but could not breach it. We also got day two below prior support adding confidence that yesterday was not just a one day fakeout.
XLU was the last index which looked to [...]
So is the market going higher or is the rally going to fail here? I don’t know the answer, but I do think the most logical plan is to continue to play the market with a long bias. SPY is in a little consolidation between $92.5-$95. I think the most likely scenario is a move [...]
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 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 [...]