Friday, May 14, 2010
Monday, May 10, 2010
SPY Candle (Spy is better for candles, SPX has inaccurate open prices)
NYSE Breadth
Today's breadth was powerful. The charts indicate a range trading regime for the time being. We will wait and see if today's close holds, if not this was a short covering / relief rally and not a resumption of the bullish trend.
Today was not a trend day in my mind, trend days are days when the index gradually or strongly moves up consistently throughout the day. When these days are combined with strong breadth they generally lead to follow through.
Today was not a trend day, markets opened high and went sideways throughout the day.
There was strong buying and strong selling in the market today but the market held sideways.
Bottom line: the rest of the week will tell us if we should be bullish or neutral or moderately bearish. Volatility is too high to be able to fuel a crash in the short term.
Today was not a trend day in my mind, trend days are days when the index gradually or strongly moves up consistently throughout the day. When these days are combined with strong breadth they generally lead to follow through.
Today was not a trend day, markets opened high and went sideways throughout the day.
There was strong buying and strong selling in the market today but the market held sideways.
Bottom line: the rest of the week will tell us if we should be bullish or neutral or moderately bearish. Volatility is too high to be able to fuel a crash in the short term.
Sunday, May 9, 2010
OEX Weekly
Daily View of OEX
As you may notice I find the weekly view the most important. However here is the daily view. The market did give a tiny warning before plunging but not a big one, see chart.
I dont believe market is going to get smoked next week. Volatility is too high on a daily basis. Who knows could even shock us and fly back on the optimism trade.
I dont believe market is going to get smoked next week. Volatility is too high on a daily basis. Who knows could even shock us and fly back on the optimism trade.
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