Tom It seems that the broad market correction is in full swing now and unfortunately this also looks like it means the gold market is going to take some bad hits as well. Both the GDX gold stock mining index and the gold price as represented by the GLD ETF are taking hits today along with … Read more
The bear case was confirmed on many fronts today in my opinion. I continue to believe that the recent highs in the market are the final highs for at least several months. Here is a quick summary of reasons why: The bullish divergence in the US Dollar Index (and also the UUP ETF) was confirmed … Read more
If you think about it, Friday’s Market action (10/23/2009) was extremely revealing. Just forget about technical indicators for a moment and pretend you could only make a judgment call about the future market direction from the tape action of this single day on Friday. What would you conclude? Microsoft was gapping up, Amazon.com was doing … Read more
Despite yesterday’s major head fake price action, I have to conclude based on the follow up today that the bearish case is alive and well and that we still have a good shot at next week being another down week. I went long the TZA again today after being blown out yesterday and this time … Read more
So far 1/2 hour into the close today it seems as though I might have a huge pile of egg on my face given my ‘extra strength’ bearishness yesterday and call that we have hit the final top. It amazes me how they were able to reverse the market from yesterday’s key reversal day on … Read more
Who says they don’t ring bells at the top? This was the top in my opinion. The evidence is overwhelming and I consider today the most pivotal day we have had since this entire automatic rally advance began in March 2009. I have more confidence now than at any other time that we have hit … Read more
This is only a short term post and I realize there are only 15 minutes until the close of market today but everything I am seeing right now as we go into the close is confirming to me that today’s intra day high is the final top for this market, possibly for several months. I … Read more
The SP500 is looking quite tired lately. The fact that the market did not get a huge upside run today on the super bullish AAPL news is at least a little bit concerning. The market may be getting tired here and ready to set up a negative weekly price close going into Friday of … Read more
Oil looks bullish to me lately and BQI, an oilsands stock seems to be in the early stages of a run. It has broken out of a very large symmetrical triangle pattern of almost 1 full year duration on high volume and wide price bar spread showing a sign of strength. So we are dealing … Read more
I need to set the record straight. Two previous stocks I mentioned here at BestOnlineTrades, TA Travel Centers of America and NCT NewCastle Investment Corp were originally identifed by a man named Stephen R Stewart. I forget how I found his chart list but you can see his listing of charts over at his public … Read more