Bank OF America In Play
Note Bank of America selling off hard due to potential litigation as a result of improper home foreclosure proceedings.
Finacials Failed At Resistance Area’s
JPMorgan was just one of many financials last week that failed at resistance areas. If it can repair itself then equities could rally further
It’s Still A difficult Call Here . . .
It's still a difficult call here. Are the financials bottoming or just getting going to the downside. GS yesterday broke out to the upside, albeit modestly so. And BAC rallied off the day's lows to leave a bullish looking formation. However, one day does not a trend make..we need further confirmation.
Goldman Sachs Breaking Out
GS reported earnings this morning and now is in the early stages of breaking out of .significant resistance (see chart below, three higher lows now followed by a potential breakout). My thesis remains that if the Financials can hold a bid, it could keep the broader market rally alive. I am however very suspect of […]
US Airways On The Move
US Airways nice chart setup. The stock broke out of a long-term resistance area yesterday on good volume.
EUR/USD V SPX
The intraday correlation between the EUR/USD pair and the SPX remains to be uncanny. More often than not the EUR/USD leads the way in either direction, allowing me to take a clue and trade in the said direction.
Gold
Watch gold here; it's about to potentially break an uptrend line that has been in place since July 27, as well as potentially break horizontal support at 1322. I'm watching for it to find potential support around the 50 dma, which is currently just shy of 1300.
NDX
The NDX seems to have touched resistane (see chart below). Should it break up it could reach 2007 highs. Technically speaking this formation looks to me like an inverse head and shoulder pattern.
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