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I know that some readers follow Tom DeMark’s work and indicators for market timing – today DeMark gave his short term outlook on CNBC, where he explained his belief that we are at a major market turning point. Here’s the CNBC video: Hat tips to Distressed Volatility and The Daily Crux for breaking this story!
Not much of note today, as we saw a very lazy summer trading day. Are some fireworks just around the corner? Some thoughts for the rest of the trading week: NYSE decliners led advancers today by about 2 to 1 (Source: Seeking Alpha) – a sign of things to come? Earnings season is kicking off […]
Last week, we picked up a story courtesy of Bespoke Investments that showed just 4% of S&P 500 stocks were above their 50-day moving average – a level not even seen during the March 2009 lows! So we thought a stock market bounce might be on tap – and sure enough, this week we got […]
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 […]
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 […]
On cue, right after we proclaimed the S&P 500 was unable to stage a sustained rally – the S&P 500 did the unexpected, and staged a somewhat sustained rally. So here we sit at 1091 – some 41 points above our initial short entry (doh!). It’s a bit of a shame – this is the […]
After trading hours Monday, we shorted the S&P 500 again via the futures market – because, well, we couldn’t bare to be on the sidelines anymore. We had HOPED for a rally that would carry the S&P towards the 1120 or 1130 mark. It did not materialize. The reversal was sharp and swift. It was […]
Yesterday afternoon, we closed our short S&P 500 futures position after hours, on the expectation that some sort of bounce was developing in the near term. If that’s what you call a bounce – it was pretty pathetic! What a lame-ass bounce! We’ll see what type of follow through we get tomorrow and Friday. That […]
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