The tape has been very slow the last several days. The sp500 finished the week Friday by printing a near perfect doji candlestick right at the top of the all important resistance range. Doji’s tend to be more reliable at pinpointing tops as opposed to bottoms. The doji we printed 9/17/2010 in the sp500 is … Read more
Someone asked me some time ago whether or not BRKR was a good buy or not on August 4, 2010. I wrote up a post on it and indicated that it was probably due for some type of pull back first that would maybe create a cup and handle formation. As it turns out Bruker … Read more
The second half of September that finishes up the monthly candlestick on the US Dollar index is going to be very important for several markets going into the end of the year. The long term chart of the US Dollar Index shows that it had a very persistent decline from late 2001 into early 2008. … Read more
I have been trying to come up with some reasons why the market (sp500) could be at some type of turning point here and head down. The 60 minute chart on the sp500 shows a possible small head and shoulders top over the last 4 days, but there has been no break down through the … Read more
The SPY ETF looks like it is getting ready to ‘jump the creek’ so to speak as it is sitting right under the all important swing trading resistance line. The MACD histogram is printing a bearish triple M which is as of today unconfirmed. If we close below today’s low tomorrow then it would get … Read more
The gold price shot higher today with a lot of strength not only in terms of price expansion but also in terms of volume, at least on the GLD ETF. Today the GLD ETF tested and closed above two very important swing highs that market previous life time high prices for gold. June 18, 2010 … Read more
I am becoming concerned about the gold price trend. On July 6, 2010 I did a very bearish post on the gold price on a more longer term basis. Since then I have oscillated back and forth from bullish to bearish since gold was able to evade the weekly bearish divergence MACD sell signal. But … Read more
I previously talked about a very strong reversal signal that seemed to be occurring in REE. I pointed out that a very nasty looking bearish engulfing candlestick formation seemed to have formed and ought to indicate a downside reversal. The reversal never happened and I have to admit I am quite surprised. The bearish engulfing … Read more
I am about half way through reading the book Reminiscences of a Stock Operator by Edwin Lefver which details in story form the trading skill and observations of Jesse Livermore. It is a truly fascinating read. What impresses me the most so far in this book is Livermore’s ability to trade with high confidence at … Read more
The market reaction off of the up trend line in force since March 2009 has so far been touched 3 separate times. The more times a trend line is touched the more it tends to validate that trend line. Key also is the observation how the market reacts off of an uptrend line. The way … Read more