Elliot wave theorists looking at this recent up move from 850-875 SPX as a 5th of 5 wave. I see it as a bull trap. That is when the market charts make it look easy to buy the new high, but we will see what pain the market brings. Raising some cash and getiing hedged here at 875. If we make a new low on the day, then this bull move should be done for a while.
I'm not waiting on a lady, I'm just waiting on the FED.
Showing posts with label technical analysis. Show all posts
Showing posts with label technical analysis. Show all posts
Wednesday, April 29, 2009
Monday, April 20, 2009
I don't want to kill you, and you don't want to be dead.
So a 4% selloff from the expiration high is what the market gives us. I am still looking for increased volatility during the next 3 weeks to shake out both the new longs, as well as those shorts who have still not covered. Once that happens, we should see that move to 1000 SPX that I have been looking for.
If you have been leaning from the overbought camp, today get us back to the top of that 815-835 SPX range from 2 weeks ago. My play here is to get the shopping list ready, and start to place some bids at some names that have truly showed a bottom. Watch your charts, and keep tabs on the new leaders. We know the true rally will not be from the dead money banks. Not sure if energy or natural resources will have the juice, their charts are not looking so well. Large cap tech seems the next logical sector, so I will come up with a QQQQ strategy to follow.
Be careful out there.
NBA and NHL playoffs in action. Spurs need a win tonight or else they are done.
If you have been leaning from the overbought camp, today get us back to the top of that 815-835 SPX range from 2 weeks ago. My play here is to get the shopping list ready, and start to place some bids at some names that have truly showed a bottom. Watch your charts, and keep tabs on the new leaders. We know the true rally will not be from the dead money banks. Not sure if energy or natural resources will have the juice, their charts are not looking so well. Large cap tech seems the next logical sector, so I will come up with a QQQQ strategy to follow.
Be careful out there.
NBA and NHL playoffs in action. Spurs need a win tonight or else they are done.
Monday, March 30, 2009
Que pasa.
For those who followed my advice, congrats on a 6% pullback. Seeing 782 SPX as a fib, so shorts I would cover, those looking for a quick trade, get long with a tight stop. Any upside should be capped at 807 for now. Target on this downmove is 768-750. Financials telling the story right now, but lots of news out there that could whipsaw this market all over.
Watch the VIX as last weeks new high in the market did not get us to close under 40. We should see a confirmation of the rally with a lower low in this index.
How the market handles this dip is crucial. We should make some headway by the end of the week to turn the calendar and hopefully the charts up.
1000 SPX still in play.
Watch the VIX as last weeks new high in the market did not get us to close under 40. We should see a confirmation of the rally with a lower low in this index.
How the market handles this dip is crucial. We should make some headway by the end of the week to turn the calendar and hopefully the charts up.
1000 SPX still in play.
Wednesday, April 9, 2008
ChartyChartCharts
Lots of nice looking charts out there. Take a peek at some transports, tech, and consumer staples names. Yes, they are all defensive, but that is where the money is flowing, so stay with the trend and stop trying to bottom tick Wamu.
Dividend yields also very attractive, combo that with call sales and you got yourself some nice returns. Thats what I like.
Dividend yields also very attractive, combo that with call sales and you got yourself some nice returns. Thats what I like.
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