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The ghost town that is the S&P 500 continues its inexorable march to the sky, driven by about 9 traders flipping shares back and forth. Now we’ve hit an interesting point, with the S&P kissing its upper resistance line once again, and most market observants quite giddy with bullishness: Source: StockCharts.com Will 1130 hold? Nobody […]
The S&P has been rallying towards the upper end of its recent 1040-1130 trading range over the past week and a half. Since the S&P entered this range, it’s been profitable to “swing trade” the extremes – by going short near the upper edge of the range, and either covering, or going long, near the […]
Today, we got that bounce in stocks that we thought might be coming – from yesterday’s stock market wrap: I’m not sure if I’d initiate a new S&P short position at this juncture – as the contrarian in me thinks we’ve got to see some sort of short-term pop soon. Markets rarely cooperate with broader […]
Not much new on Wall Street today – another lazy day in late summer. Stocks continue to churn on anemic volume just above key support levels: The S&P continues to mill about just above its key support at 1040. (Source: StockCharts.com) Meanwhile, it seems like most investors are well aware of the fact that September […]
The CBOE Implied Correlation index has hit a new record – and this is usually bearish. From ZeroHedge: The CBOE Implied Correlation index has just hit another historic plateau, touching on 85 earlier in the day, which means that all those who believe relative value can still be found are about to be carted off. […]
Since it feels like we may be at a major turning point in the markets, I thought it’d be useful to review our current outlook with regards to the various key markets. As always, please take these musings with a grain of salt – I’m just an armchair trader and blogger, after all! The Dollar […]
This month, Robert Prechter alerted his subscribers of a classic head-and-shoulders pattern shaping up on the weekly chart of the Dow. If you’re into technical analysis, check out the guest article below that we are re-syndicating, which includes a chart and description of the pattern… — Robert Prechter: Head-and-Shoulders Pattern in Weekly Dow Chart August 17, […]
The summer doldrums continue, as today registered the 2nd lowest trading volume of the year (Source: Reuters). As we’ve discussed, the last rally was rather uninspiring, displaying low and declining volume as the rally aged: Source: StockCharts.com The downsloping volume trendline was “broken” a bit by last week’s decline. So while overall trading volume is […]
Today, the volatility index (VXX) hit its lowest level in 3 months. Does this mean we have a large stock market decline in our future? Over the last 6 months, lows in the VIX have corresponded with tops in stocks. Since May’s spike, it’s been a series of lower lows and lower highs for the […]
Since the stock market put in a short term bottom a couple of weeks ago (thanks to overwhelming pessimism), the mini-rally since has been a one-way street UP – until today. This has been the trend of the market since about 2003 or so – it’s either up for many consecutive time periods (like 2003-2007, […]
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