Morning Thoughts June 22
Instead of going into too much detail this morning let me get right to the point; while yesterday’s sell-off got the S&P 500 to initial support near 1325, it is the ugly daily candle that concerns me. As such I will likely short some SPY this morning for a bucket 2 trade in the hopes […]
Morning Thoughts June 20
Great move in Brokers yesterday (after previous day’s underperformance) with BofA (BAC +4.5%) back above key $8 as BarCap made positive comments on BAC citing reports the FHFA could be considering assisting banks in purchases of mortgages. Credit Card plays rallied behind Discover Fincl (DFS +2.3%) after reported better #s….Q2 came at $1 vs cons […]
S&P 500 Update
After having overcome the 1336 – 1340 resistance area the S&P 500 is now back at the 1358 – 1362 resistance zone, which in April and early May acted as support. This zone also coincides with the 61.8% Fibonacci retracement level of the early May – early June sell-off and as such is significant. Also […]
Thoughts into the Summer
Very well written from a fellow website…we agree with the view; ‘As traders we live and die by our P&L. It’s how the game works. You trade well, you gain respect and self-confidence, and when you lose you’re just another part of the 95% that doesn’t make money. This isn’t just about trading the S&P […]
Morning Thoughts June 19
Terrible volume (5.8b shares only – 4th weakest of 2012 – down 25% from Fri….11% below 10day ave) – Though SPX failed to close above 50day of 1,347, but we closed well off day’s low and held VWAP all day (was support). Good action. Longs nibbled yesterday and short covering in Techs and ConsDisc evident […]
Morning Thoughts June 18
US equity indices posted 3rd week of gains in 4 & continued to progress from successful 200dma support tests of recent weeks, taking all back comfortably into positive territory YTD. Safety bid was the most evident theme within index action. SPX outperformed higher beta peers very significantly on the week. Activity levels remained extremely depressed, […]
Afternoon Update
Let’s get right to the point; As I offered this morning, with a big options expiration day ahead of us tomorrow and everyone focused on Greece over the weekend this is a low probability trading environment at least until Monday. I will be taking the day off tomorrow out of pure discipline not to trade […]
Thoughts on Europe post Greek election
Here are a couple of thoughts from Credit Suisse that I think are particularly interesting and noteworthy; ‘There is apparent momentum towards a European Redemption Fund. Under this proposal, Euro-area states would progressively roll their government debt in excess of 60% of GDP into a fund jointly backed by all member states. The debt would […]
Morning Thoughts June 14
SPX traded lower all afternoon and closed just off lows. 1300 never tested. Volumes remained muted, down 10% v 10d avg at just over 6bln shrs. 9/10 super sectors lower with Energy, Mats, Cons Disc all down over 100bp (Telcos +7bp). Signs of shorting in Energy in particular. Moody’s downgrades, Spanish bailout details, and the […]
A technical peek at the Nasdaq
In the early innings of 2012 the Nasdaq was the trend-setter and place to be for momentum investors and adrenaline- junkie-traders alike. I cautioned investors for much of the rally that such a vertical move especially when more or less based on one stock (Apple) will at the very least mean-revert over time. I further […]