Good morning traders. Market is consolidating late last week’s move off the 117 area in the SPY. The key in the following weeks is going to be if the market makes a lower high and signals the start of a bigger picture correction or makes a new high for the year. In the short term the indexes have a two … Read More
Morning Thoughts on November 18, 2010
Good morning traders. Strong up move in the European and Asian markets overnight has S&P futures trading up about 1%. Today I am going to be focused on the descending trend line in the market which is now around 119.60. If the market is able to hold above this trend line, we could see new 52-week highs in the medium … Read More
Morning thoughts for November 17, 2010
Good morning traders. Yesterday we saw a lot of damage done to stocks as the market accelerated its move to the downside. In the short term I would not be surprised if we see a retracement in the market to the 119.80 area in the SPY. As I tweeted yesterday, I have been using FCX, GLD and SLV as my … Read More
Morning thoughts for November 16, 2010
Good morning traders, Weak futures have us opening under last week’s lows as the market continues to pull in. I have noticed the character of this pullback in the market is different than the ones we have seen in the previous months. Rallies are now sold aggressively as opposed to previous market pullbacks where we saw aggressive buying on dips. … Read More
Morning thoughts for November 15, 2010
Good morning traders. SPY trading slightly up indicates we will open about .3% higher. Over the past few sessions the market has pulled in to its rising trendline. As of now the pullback is constructive in nature. Even if this were a medium term top in the market expect the bulls to put up a big fight. Trading over 121 … Read More
Morning Thoughts for November 10, 2010
Good morning traders. Today’s comments are from Adam Grimes at The Macro Report. Two days ago, we wrote: “Be aware that [global equity] markets are somewhat to extremely overbought, and though this makes them vulnerable to potentially sharp corrections, these corrections should be viewed as opportunities to add to longs. “ We believe that yesterday’s rather sharp selloff was probably … Read More
Morning thoughts for November 8, 2010
Good morning traders. Market gapping down to the lower extreme of Friday’s trading range. This market continues acting very resilient, with buyers at every down move. Late last week we finally saw leadership from the financial sector, which broke out from a 2 month trading range. In the next sessions I will be watching this sector for continuation. I wouldn’t … Read More
Morning Thoughts for November 5, 2010
Good morning traders. Morning thoughts today from Adam Grimes at The Macro Report: For several weeks, we have been postulating that leadership would emerge in Energy and Technology, and this seems to be true, for the time being. Current laggards are defensive names in Staples, Healthcare, and Utilities, which is to be expected on a rally. Also to be … Read More