the financials in perspective
we have pointed out the underperformance of the financials for a long time and the below chart shows it's gotten to a wide point where once the financials get going again they should outperform the broader market:
Game Plan Update
we remain of the opinion that the 50 sma (yellow line) on the S&P 500 is a good support target before potentially rallying up to the 1270 area or so. in the immediate term we are extended here so a rally straight up to 1270ish from these levels is more difficult to imagine but a […]
trading range update
while we think the lows for the year may have been seen at 1075 on the SPX, the highs 1370 may also have been the highs for the year. that now gives us a little perspective. it's a very wide spread between the highs and lows to be sure, but one that mentally will be […]
the VIX…
the VIX last friday broke below the 30 mark and now is re-testing that level from underneith. 30 obviously was a key level to watch for support and its failure speaks to an increased chance of higher prices in the SPX over coming days. the 23 level on teh SPX is what we are looking […]
lack of conviction, earnings parade ahead
after making our morning rounds with the brokers today the theme was clear: low volume and low conviction in the institutional community from last week is carrying over into at least today. with the bulk of earnings season results to hit the tape as of this afternoon post close folks don't want to learn out […]
Morning Thoughts Monday October 17
After taking a little breather last Thursday, stocks again rallied on Friday and in the case of the S&P 500 closed the week at the highest levels in 2.5 months. Last week’s 6% rally of this index has brought it right back to the very top of its 2.5 month trading range. If we measure […]
closed short position in WYNN
we bought back the remaining half of our bucket 2 short position in WYNN
closed short position in SPY
bought back the short position in SPY for a total of 0.50% loss. small losses, large gains…that helps the odds. the market is holding up too well here for us to be comfortable with shorts into the weekend and into next week's earnings parade.
Today’s Morning Market Video Is Ready To Watch Here:
http://steadytrader.wpengine.com/video-2/video-october-2011/
strength in Tech….watch it
note the breakout in the NDX (nasdaq 100) here today…it is leading and by watching individual names like AAPL and AMZN we get the same picture…relentless strength. for now the game plan is to close the short in SPY later this morning if this broader market strength persists. if we get a closing of the […]