Photo Finish
Going into the bell on Wednesday, the SPX was striving to take out its August 23rd peak up at 1081.58. It was a photo-finish, but the market came up short topping out at 1081.30. So, that might be a bearish indication for Thursday morning. However, the SPX futures did exceed their equivalent peak at 1080.25, but they have dropped back below as I write. So, that’s the level to watch in the overnight futures: 1080.25.
The R2K is above its August 23rd peak, and it’s bullish when the small-caps lead. However, the NDX is 22 points below its 8/23 peak, and it’s not bullish when techs are lagging. In summary: tricky.
There are lot of economic reports Thursday morning, and Congressional testimony from Ben Bernanke at 9am. Will the SPX take out, and hold above 1081.58?
NDX lags huh?
I thought this CNBC article was informative:
http://m.cnbc.com/us_news/38968441
after,
The cold air coming your way should get sucked this way in a hurry – crashing into some heat and the cat 4 hurricane front barreling toward OBX, NC. It’s supposed to glance the OBX but I don’t like the temp of the ocean and the delayed NW front dilly dallying from CND. CAT 4 Cane through the gut of NC not an ignored risk albeit “remote.”
sold TBT into the spike
going to sell SCHX into next push up….near spx 1088….then maybe go short
Lots of good news today, market should tank.
I think I’ll switch from SKF/UYG to FAZ/FAS. The latter being more evenly matched.
SPY hit the daily 36MA and backing off… could try again, although the 15min MACD has been negative since yesterday. It would take a good pop to put it back into positive territory.
dollar correction looks about over
stocks have been correlating inversely quite well
dollar will soon look like this:
http://media.defenseindustrydaily.com/images/ABM_GMD_Test_Launch_2001_lg.jpg
Yikes! What would make the $ rocket? I was thinking the opposite so I would trade the opposite of my thinking.
what would make the dollar rocket????
http://calculatedriskimages.blogspot.com/2010/08/european-bond-spreads-aug-25-2010.html
G
this is an old chart but look how accurate the prediction has been
DOLLAR 82 now
TARGET 95
welcome to deflationary vortex part deux
http://3.bp.blogspot.com/_L2sI_dQGpFE/SwrXkRuJZYI/AAAAAAAAAoc/qIaF8yjuE0E/s1600/Dollar+Carry+TRADE.png
G
look at the peak predicted a year before it happened in june at 88 and trough for late aug near 80…all of this has happened….. then big rally coming ahead……..its pretty amazing if you ask me
p
Sure is amazing.
dollar future daily bb pinching tight
big move coming
we will see which way it goes
spx futures sloppy here
selling SCHX now
Mitch, keep us posted…
suffering with hfd.to (financial 2 x inverse in Canada), shouldn’t have been stubborn, shouldn’t be stubborn now…but i do wonder if we reverse for a bit after yesterdays rip roaring gains…
after,
thx
All’s quite on the front.
P,
Tomorrow your rocket propels to the top?
Obvious that the “B” team is in control. Slow but profitable.
G,
Eric Church has “soul shine.” Who sings that any way Phil?
This ain’t good. THe market should be down today and up tomorrow. Uh Oh.
Bull Trap in the making?
That last surge let SPY peek above its daily 36MA.
Luv them short squeezes. Now juice is building from the other direction.
Core gone for frog’s hair under b/e. New core and freed some lunch money.
Had a debate with a buddy. He asked me would I take a 10-12% guaranteed return. Would you? Tried to be objective – couldn’t.
Gang
Hope everyone is well, and I hope the right coast folks survive the storm with no problems!
String
Hi String,
Maybe some claims-adjusting work for you soon? Do you have your bags packed for a trip East?
Matt
Sup Stringm?
I hope the storm doesn’t hit the OBX. I’ll be going out there for a week in November. Wouldn’t want it to do much damage to the cottage we have rented.
Mitch,
I’d surely take some guaranteed return of 10%+. Maybe not all of it but certainly get some for the portfolio.