Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly down. China, Hong Kong, India, Indonesia and Japan each lost more than 1%. Europe is currently up across-the-board. There are several 1% winners. Futures here in the States point toward a solid gap up open for the cash market.
Many breadth indicators hit there lowest levels since last summer.
8% – the % of S&P 1500 stocks trading above their 10-day MA – lowest level since Jun 8.
12% – the % of S&P 1500 stocks trading above their 20-day MA – lowest level since Jun 9.
3 – number of S&P 1500 stocks that closed in the top 10% of their intraday range – lowest number since Aug 30.
9 – number of S&P 1500 stocks that closed in the top 20% of their intraday range – lowest number since Aug 30.
Overall the market is the weakest it’s been since last summer, and on an individual basis, yesterday was the single weakest day since last August.
The market continues to be held hostage to whatever news – good or bad – comes out of Japan. The problem is the news is incomplete and often inaccurate or in yesterday’s case, not even timely. I read that the comments made by the EU energy commissioner were not based on new information they had just discovered but a conclusion they came to the previous day.
A 20-point S&P move can come at any time, so we need to be very nimble. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Mar 17)”
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Open up? then..
Flat with some bonds.
Still thinking we get a rally in June.
Hey Neal, are those Dow 13,000 t-shirts ready yet?
I’d like to order a bakers dozen (12+1=13) so
I can distribute them to the homeless people
living underneath the Brooklyn Bridge here in NYC.
Neal: Do I have permission to marry your daughter? HW
You guys are funny. Your both going to be right and wrong.
I think you can buy the dip soon. And you may see the Dow at 13K yet this year, but I think after that top is put in this year, the Dow will get bloodied pretty good. We might even see Down 5000. Who knows. But I suspect before that happens, the Dow will advance maybe even more than 13,000. Only time will tell and the market will do what it wants whether we like the results or not. Alan
I’ve been doing reasonably well with the 1 minute chart.
Just going in and out real quick. Similar to the
situation I have with Suzie. My mail order bride. HW
Go Howard,–is that the right way to say well done in american
when i first started coming to usa i used to tell everyone ,that i was going outside to –smoke a fag–i wondered why i kept geting funny looks–until someone told me that when i want a cigarette that i shouldnt call them fags
im never quite sure what im saying in american
Neal & Howard – I enjoy the repartee between the two of you! I don’t know, Neal, regarding Dow 13,000. Seems to me, the Dow wants to go lower (maybe down to the 200 day ema). If it does, it raises the question – are we seeing a broadening top formation in progress over the coming months? Or, do we set up in here for that run to 13,000 for the final top of this 2 yr bull (thus far)? Seems to me we’re running out of time for a shot to 13,000 though.
Howard, what does Max think?
Max says we are re-loading to go down and touch S&P 1225
Then it’s the usual end of month/beginning of
month bullish cycle. But what do I know?
I put Max on a vegetarian diet, so lately
he has been a little air headed (like his Daddy)
Guys: trade the 1 minute chart on FAS & FAZ
Be very, very quick about it and you can
bank a couple of bucks. Maybe just enough
to get us to Aussie land by tomorrow. HW
Max knows his technicals!
It’s time for more serious things. My guess is that Jason is watching the opening round of the NCAA men’s basketball tournament as I will be in just a moment. My technical work (based on sentiment and cycle indicators) says PITT wins their region and finally gets to the Final Four at about the same time the stock market finds an intermediate term bottom.
I wonder if Max has St John advancing based on his NYC bias.
So Neal, where are my T-Shirts? On a slow boat from China? Regards,HW
Hey Aussie Joe; Not only American BUT your not quite sure what you’re saying in aussie !!
“stone the crows,he’s full of crap like the wind blowing behind the Black stump !”
Happy St Pats everyone….to be sure,to be sure…..
I just finished watching some exciting NCAA games and thought I’ll close my day by saying that I agree with Neal that it’s difficult to be a successful day trader. I learned that a long time ago and lived to survive it and trade with a longer term perspective.
My point earlier was not to say that 13,000 Dow isn’t attainable. I’m just not as convinced as Neal seems to be that it’s a foregone conclusion, based on the Bernanke attempt to manipulate prices higher. Right now, we appear to be in an intermediate correction that will test the 200 day ema. If that level becomes support, I think it will take some time to punch back through 12,000 much less exceed the FEB highs and reach 13,000. In my opinon, a trader has to be aware that the FEB high may part of a longer term topping process and allow price to dictate and confirm the trend. Right now, the short to intermediate term trend is down. If and when price and trend turn up, we’ll see about Dow 13,000, the Bernanke notwithstanding.