Morning Thoughts June 27
Decent day but volume remains weak – lightly moved higher from 11am ET lows – Started to rally after headlines “German lawmakers told ESM seniority to be discussed at EU summit” – also good to see we didn’t sell off after 3pm headline “Egan Jones ‘downgraded’ Germany”. Weak macro data was ignored- Richmond Fed Manufacturing […]
Afternoon Trading Update
Stocks are giving us a little consolidation rally here today but note the bear flag forming on the S&P 500 chart below I will reiterate again that all charts and almost all asset classes are correlating now more than ever…and its not a healthy sign. It shows fear in the market. ….everything correlates and trades […]
Morning Thoughts June 26
Ugly day in TERRIBLE volume – 11% below 20day ave – didn’t crack 6b shares – no one wanted to play ahead of the EU summit meeting (Thu-Fri). We started the day down and traded sidways most day Flight to safety evident – Coals, Semis, Brokers, Lifers all hit – Uts, Telcos, Gold/Silver, Pharms better […]
Nutty correlation of SPX and Oil intraday
Bucket 2 Trade Idea
As an alternative to shorting the SPY here for a quick bucket 2 trade I see JPM setting up. The stock found resistance at its 200 sma (red line) and formed an outside day yesterday on big volume. Historically the 200 sma has worked pretty well for support and resistance on JPM, at least […]
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 […]