Here we are in the midst of the slow summer trading season and the market continues to try to press higher. So it would appear that the market still has a chance to press higher but now in the short to intermediate term there are some patterns that are showing we could be coming into … Read more
The sp500 finished the quarter and month this past Friday with a bang. It was really quite impressive and the huge up day we had June 29, 2012 should be respected and taken exactly for what it is… A valid sign of strength and kick starter to a new up leg going into the election … Read more
I still get this sense that many traders are waiting for the ‘dog to bark’ in regards to the stock market but time and time again it is just not happening. Despite all the potential bearish events we could have seen transpire over the last few months, they are not really happening. This is a … Read more
I think yesterday’s bearish market action may have been a fakeout. I am referring to 6/21/2012 market action. This may have been a fakeout similar to the one that occurred on 6/11/2012 where it looked like a huge reversal was taking place. One hint that 6/21/2012 may have been a fakeout was the low volume … Read more
RPRX should be on watch next week for a possible nice upside move. I talked about ARNA and RPRX last month as bucking the current bearish market trend. Biotech recently has had very strong relative strength and seems likely to continue for a while. RPRX looks like it may want to enter the RSI power … Read more
Today was a huge sign of weakness in the markets in terms of price, but not volume. We had a very large wide range bar, a typical clear sign of weakness and possible emergence of new trend (bearish). We did on the DIA close right at the neckline of a small inverse head and shoulders. … Read more
I recently did a whole bunch of bullish sounding postings. But now the market is in the zone where it must show proof of its bullishness. Right now and today we are trading at the 61.8% retracement of the May 2012 decline. This is a key level and the next 6 trading days will be … Read more
Here is a quick recap on some of the reasons why I see USA stock indices trading much higher, probably up to new 52 week highs. Some of the reasons are more heavily weighted than others, but they are all important. Everyone hates the Euro and even the mainstream media has caught onto the ‘end … Read more
Below is the updated S&P 500 Yearly price candlestick chart. This is a very important chart to me because it shows that the yearly 2012 price candlestick bar is trying to break out north from the 2007 blue dotted down trend line. This is a yearly chart so it clearly moves in extreme slow motion. … Read more
Today was an amazing day in the sp500. The index chose to reject the potential bearish engulfing candlestick that we saw yesterday. It looks as though this potential bearish engulfing was a fluke and a possible bear trap. But the sp500 is not out of the woods yet. Key level for sp500 to break upwards … Read more