Tom 
Right now the SP500 is sitting right on the down trending resistance line that has defined the bear trend since mid January. In fact we slightly pierced this downtrend today. If the SP500 does not either get a flat or down close tomorrow, February 12th, 2010 then it will in my opinion put the strength … Read more
My current take on the gold market is quite simple because the gold market is structured in a way that makes the current analysis very clear. The chart above is the monthly gold price chart. It is very clear that the gold price has completed a valid ‘sign of strength’ breakout as shown by the … Read more
Believe it or not, the chart above is a chart of the SPY ETF. But instead of showing you the chart the normal way, I flipped the chart upside down and then mirrored the chart. So the price action you see at the right portion of the chart shows the SPY in a strong uptrend. … Read more
So far the market correction is behaving similar to the 1975 correction and has been relatively ‘orderly’ and persistent but not of the nature of a ‘mini crash’. That could still change, but at least up to this point it is on the track of being garden variety normal corrective action that was clearly over … Read more
It sure does look like one and especially considering that the break of the trendline was down downward on very heavy volume and the retracement back into the underside pocket of the trendline was on significantly lighter volume. My gut feeling tells me that it is valid and that we turn down tomorrow and into … Read more
The volume was again very weak on today’s rally in the sp500 relative to the previous swing highs 4 or 5 days ago. But I have to say if we get another full bullish bar tomorrow in gap and go form then it is going to put into doubt the more accelerated bearish weekly forecast … Read more
The SP500 20 and 50 day exponential moving averages are inches away from a crossing point. This is noteworthy because this setup also occurred on July 14, 2009 and was the exact low point of that extended correction before a strong resumption of the bull trend. The two things that are different this time around … Read more
So far the market as represented by the SPY ETF is behaving in a somewhat similar manner to the decline that occurred in 1975 time frame. I mentioned in a previous post about how I was curious to see the nature of the price decline this time around to see what kind of bear market … Read more
I decided to bail out of the TZA triple bear ETF for now since I just does not seem worth it holding these during the ‘Fed Bounce’ during the next day. I have seen the market plenty of times discount the Fed news a day or two ahead of time and then ‘sell the news’. … Read more
The bounce on the SP500 was really lousy today both in terms of price advance and in terms of volume. But that is exactly what you want to see if you are near term to intermediate term bearish on the broad market. It is also good that we did not take out or test Friday’s … Read more