Goodbye Detroit
In Detroit:
“…vacant residential and commercial property accounts for an estimated 40 square miles, an area larger than the city of Miami.”
Thank you, NAFTA.
Watch the Small Caps
On Friday, NYSE breadth closed at a modest +536, and NASDAQ and R2K breadth were modestly negative. So, the market can rally quite a bit more before it gets overbought from a short-term breadth perspective. However, while NYSE and NASDAQ breadth finished the day on an upswing, R2K breadth looked lackluster. If the small caps are relatively weak this morning, that might be an important red flag.
Futures Prices
Market Last Change %
Crude Oil 80.22 +0.56 +0.70
Natural Gas 4.770 -0.043 -0.90
Corn 389.00 +5.75 +1.48
Soybeans 961 +11 +1.14
30yr Bond 117.34375 -0.34375 -0.29
10yr Note 117.484375 +0.343750 +0.29
NY Gold 1116.9 -2.0 -0.18
NY Silver 16.635 +0.114 +0.69
Emini S&P 1108.25 +4.75 +0.43
Emini Nasdaq 1828.00 +9.50 +0.52
Emini Dow 10356 +45 +0.44
K,
Congrats!!! on your fund. I thought you
were the new Holden. I was wrong. You
are the new Buffett. Keep it going. The
members of the fund are super lucky
to have you.
George,
Who will monitor the 20 hours?
For a variety of expert opinions on the market
check …chartlinestrading.blogspot.com….
Julie,
I sort of have no choice if I can only execute every thursday and be long only with no hedges allowed.
Beating the S&P is our benchmark.
1.95 vs 0.66 since I took over Is good because I got rid of our laggards and losers asap then used that as my starting point. (You remember the feb 4th crash don’t you lol)
Julie,
We’ll put an electronic monitor around his ankle.
Dollar index up, S&P futures up….I love how this market only looks at the dollar going DOWN as rocket fuel, but refuses to lose ground when the dollar goes UP.
2thfixr,
Your Friday long call was good. SPY daily has been consolidating around the 9/36MA convergence ready to cross.
SOLD TBT….. bot FRI @ 46.65 …. sold @ 47.18
nice Phil. George, at the 1115 gap, I’m closing my SSO. Looking for a leg down from there. Eventually (April or May), expecting 1180 SPX.
All 3 new positions we were supposed to own thursday are up over 3% each now.
Time to get my 20 researchers to work again
2th…..thanks…..i want to rebuy TBT… but ONLY if it breaks last weeks low
Small caps up almost 2%
Sold GDX: Bought Thurs@43.08 … sold@44.08.
Well, sold my SSO above 1113, bought a $34/38 SDS call spread at 1113+ as well. Time to sit back and wait for the market to work down a little bit. Still holding my TBT in the long term account and will sell TBT in my trading account near $50.
By the way…I’m a bad boy…I’m short golden slachs. Just 50 shares for a little excitement in my life….but I did it last week near $159….so it’s a profitable trade at the moment. Have a great day all, time to hit the office and drill, fill, and bill.
Added SPY PUTs and SRS 10 min ago. Hopefully that was the high of the day, if not stops in place.
2th, we both added shorts and are off to work in synch. Enough rain already, we got pounded Sunday.
2thfixr,
Nice going! Those trades must have been ful”filling”.
Let’s do some intraday gap-”filling” here by hugging some inverse for a few minutes.
1112 reached, 1120-25 next. Support 1090. Bias is up.
Obama won’t have to pay more for his health insurance due to his smoking because he’s covered by the Federal Umbrella Plan.
No such thing for the non-government folks. BCBS of N.C. will have higher rates for smokers, and coming to a clinic near you, higher rates for folks that are over weight.
There you have it: Behavior modification at its finest. What’s next – higher rates for those who eat fatty foods which could cause heart problems? Hell, let’s drill down to dusty working environments or setting in an office and watching monitors all day.
The bulk of wealth in the world is in insurance companies. They’re not satisfied with their chunk of the pie, they want more.
We’re worried about erosion of our rights from the top down? Looks like it’s coming from the bottom up!
BCBS is Blue Cross Blue Shield.
Stringm,
Some of my SD charts are flaky today. Unfilled screens, missing data points and candles.
Are you having the same problem?
George
Same here, I just shut it down and bringing it back up. I hope that clears it. Sometimes it works.
String
Didn’t help this time though, that’s frustrating.
Stringm,
Thanks. Still messing up here too.
GOING TO sell SCHX into this push up
SOLD SCHX @ 26.45
Phil,
Nice. SPY keeps bouncing off its 5min 36MA. Doesn’t want to give that good support up.
george…thanks
Now SPY is bouncing off its 15min 9MA according to my skewed charts. Hope this isn’t a trap.
Ha, BBT has been shorted all day until the ending 15min.
http://slopeofhope.com/2010/03/secular-bull-market-confirmed-.html
Hahaha Yerk!!
Bull Market Confirmed? I knew it! Hey Bernake, print a few million for me.
at 0:25
oops someone made it to bloomberg
http://www.youtube.com/watch?v=1SSIv6ocLIg
http://theimpatienttrader.blogspot.com/2010/03/learn-your-chart-patterns.html
Hey K… You made it to national YOUTUBE! That’s Great.
Bloomberg george
HEHE
Even Better!
Loved the impatient trader link K. Very funny.
By the way, today was not a cup with handle breakout due to the lack of volume in the SPX daily chart. I’ll see what IBD says about “market in correction” or “confirmed rally” tomorrow AM, but since volume was less today than on Friday, I doubt they are confirming the uptrend yet. Tomorrow? We’ll see what the volume action tells us.
Still looks like 3Q 07 to me…with a rally to new highs coming in 2Q 2010.
Matt, when you did your Fib analysis, what was your final figure? I got 1180 as the final top. TIA.
Here’s a picture of SPY Monthly. It is nearing its 36MA. When it does that, there will be a narrow weekly double top. Should get interesting at that point.
http://i50.tinypic.com/29ghr2q.jpg
2thfixr,
The top of the Box of Beer is 1155. If the market can escape that box, the top of the TARP Box is 1226:
http://www.trivisonno.com/the-tarp-box
However, these boxes don’t predict how far the wave will go, but only where important levels within the wave may occur.
Matt
Understood Matt. I’m looking at Ms. Brown’s predictive methods from chapter 3 that I ran in the autumn of 2009. Since you used her text to help you construct the “boxes,” I figured you had also done a price projection. I guess not.