U.S. equity markets pushed ahead again on light volume, and awaits the job numbers with bated breath. Note once again that bullish reversals were minimal as the daily momentum approaches overbought conditions. With one exception, the Russell 2000, all momentum indicators are bullish at every level and the Russell is close. I think the most [...]
The markets for some reason are much more sensitive to pattern repetition lately… Source
What are market internals saying about the recent rally? They strengthened with a… Source
One you might want to keep, the other you won’t. Either way, they both have to go. Original Source >>>
The market has given back almost 50% of Friday’s rally, not a very good sign for the bulls… Source
The major indices closed the week with only modest declines after Fed Chairman Bernanke fueled a large rally on Friday, helping to offset some of the growing concerns regarding the pace of the economic recovery. The late sprint in the week came, after the markets remained shaky for the early part of the week, as [...]
October gold was higher overnight as it extends the rally off July’s low… Source
PRECIOUS METALSOctober gold was higher overnight as it extends the rally off July’s… Source
More weak housing data just added more fuel to the bearish fire and selling volume surged. Telecoms continue to appear on the bullish reversal list, but as futures show this morning, until we see some bullish news on economic data and earnings forecasts, the pall on the market will continue to pressure rallies. All momentum [...]
Here’s what the president needs to do to help the markets. Original Source >>>
What is likely to happen to the price near term? It is hard to know for certain, but I think the odds would favor a retest of the 37.77 area as it is an area of fairly solid support and because it represents the 0.618 retracement of the entire July to early August 2010 rally. [...]
Jobless claims continued to climb based on Thursday’s release, and stocks went south quickly after the open on stronger volume than in previous days. Philly Fed factory data did not help either, as it continued to demonstrate manufacturing contraction. In the broad scope of economic data, the news flow is still caustic. What looked like [...]
Nothing passed the final screens and as I stated yesterday, it looks like we have a minor rally underway, but until Labor Day and afterward, we will not really see the next true market turn. Longer-term measures are bearish, but shorter term measures of momentum are teetering between major junctures. Currency, bond, and Fed moves [...]
Stocks in US closed a shade higher after giving up more than 30 points of gains Wednesday early in the session as investors shrugged off tame reports from retailers. The Dow Jones Industrial Average ended up 9.7 points, with a modest gain of.09 percent to 10,415.54. The late rally was largely headed by retail stock [...]
If it were not for weak volume, this day might have been considered a bullish benchmark day. If we cycle between recent highs and back to lows (as we did in early July) and we finally get a real volume push (something unlikely to happen until after Labor Day), we may look back on this [...]
Volume was the weakest on the NYSE since March 15, according to IBD (and I believe it, seeing a complete alacrity of trading action after the big move down early in session). Prices recovered a bit as I assume some quants, traders, and scalpers either took small positions in cheap stocks or played the gap [...]
We haven’t hit a bottom per se, but a small rally may offer investors an opportunity. Original Source >>>
Yesterday, I got all caught up with what Chris had to say last week, and let me stop here to say a BIG “Thank You” to Chris for taking the conn on the Pfennig last week… A great job as usual! Chris did leave me a few notes on the Friday happenings, and that helped [...]
I know many people doubt the ability of this rally to continue… Source
The Mad Money host explains why the market is so resilient. Original Source >>>
