Earlier in the day today I started to write a posting here at BestOnlineTrades.com about how I was going to switch to a BOT Short Signal. But then it occurred to me that I had responded to a comment poster yesterday (JR) and wrote: If we do not see that then the other possibility is … Read more
The volatility index has been trading for a long long time quite consistently along a somewhat steep down trend line. More recently it has formed a nice expanding triangle formation. Right now the VIX is trading right at the bottom of the range of both the down trend and the expanding triangle. Today it managed … Read more
There are some signs of a possible short term downside reversal in the market today but we do not have confirmation yet. We also have possible signs of a weekly trend change developing but again, no real confirmation yet. The NYSE Composite index put in a potentially bearish daily shooting star reversal candlestick today. We … Read more
Now that the market indices appear ready to blast higher out of a quite large cup and handle pattern, my sense is that we are going to see lots of upside almost crazy action as we go into the end of the year and then a few days into the new year 2011. Now one … Read more
The market’s reaction today to the jobs report was pretty much a non event. The lack of heavy reaction to the downside is quite telling and the strength continues to be notable. The market appears to be on ‘auto pilot’ into the end of the year. It almost seems too easy to presume that the … Read more
Copper futures look like they are about initiate some price action that could be the most significant since mid 2006. Copper futures are approaching a key long term resistance range near the 4.000 area. This range represents the top trading range level of an almost 5 year trading range. If copper futures manage to break … Read more
Today is the type of day in the market that almost needs no explanation because of the somewhat obvious signal being sent. Today was a clear sign of strength in the market and the closing candlestick was almost a marubozu candlestick which shows clear strength and a persistent close. Today’s action seems to seal the … Read more
The Sp500 right now is at 1201 again and I am flipping back to a BOT long signal now as I indicated I would if we were to break and close above 1201 on the sp500. The Dow Transports are at a new 52 week high and other indices are pushing higher strongly now as … Read more
The market is having a hard time letting go of its bearish tendencies. Once again I have to say that I am pleased that the BOT short signal is still intact. The market does not appear ready to break north of 1201 on the sp500 any time soon. It did appear like it would after … Read more
It is starting to look like the recent correction we have seen in the sp500 is coming to an end. The stage appears to be set for some type of Christmas 2010 rally that takes the sp500 to possible new 52 week highs. The reversal today was quite significant and occurred at the bottom of … Read more