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Stocks entered this week in an extremely oversold condition, with overwhelmingly bearish sentiment amongst investors. Just 4% of stocks in the S&P 500 sat above their 50-day moving average heading into the 4th of July holiday – a number even more dismal than the March 2009 lows! Today we got a sharp rally in the […]
Last week, the S&P 500 collapsed through it’s 1040 support line, which had been tested twice before, indicating that there might be major PAIN ahead for stocks. This morning, stocks opened UP – but found resistance once again at 1040…this time, to the ceiling side. Before the weekend holiday, Todd Harrison of Minyanville presciently mused […]
The recent stock market decline has not only been sharp – shedding the year’s worth of gains in a matter of weeks – but it’s also had some very impressive breadth. Bespoke Investment reports that just 4% of S&P 500 stocks current sit above their 50-day moving average. So, everything is getting clobbered! The percentage […]
CLF – Cliff’s Natural Resources Why you ask? Because it’s THIS GUY’S favorite pick! James Altucher also believes the S&P is heading towards 1500 because “stocks are cheap”. he says the S&P historically trades at 15 times earnings…which is perhaps correct…if you’re talking about bull market tops! So should us contrarians run out and short […]
Today, US stocks were not successful in issuing a counterpunch to yesterday’s bloodbath, when there were 11 stocks down for every 1 up. Stocks staged a meager rally after opening – only to swoon late and close at new lows for 2010. As you can see from the chart below, the S&P 500 peaked in […]
For a long while, it felt like the resumption of the stock market decline would never come. But now, it appears that US equities – the final holdout of the ’09-10 “reflation rally” – are once again under some serious pressure. When we last chatted, we wondered if the S&P’s kiss of the 1122 mark […]
One of our FAVORITE contrary indicators is the launch of a new Exchange Traded Fund (ETF). By the time there is sufficient demand for one of these investment vehicles, and it’s actually put together and rolled out, the trend has more often than not already reversed on the investment theme it’s trying to represent. For […]
Today we got the stock market pullback that we anticipated yesterday (read that post here). As I write this a few minutes before the closing bell, the S&P 500 is down about 13 points, now trading right around the 1100 mark. According to the Associated Press, volume is lighter than Monday’s session – with volume […]
Stocks gapped higher at the opening bell this morning on news that China would (slowly) allow the Yuan to float. The “Renminbi Rally” was to be short lived, however. The S&P briefly stuck its nose above the 1130 mark, and quickly reversed skate to finish the day in the red. Volume was anemic, once again.Is […]
After Friday’s close, we muttered about our current S&P 500 short position – and while the entry was certainly mistimed from a short term perspective, we do expect this position to be a winner eventually. At least that was our thinking going into a nice summer weekend of beer drinking and pool carousing. And now […]
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