Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. There were no big winners or losers. Europe is currently up solidly across the board. Almost every index is up at least 1%. Futures here in the States point toward a moderate gap up open that will put the indexes above yesterday’s high.
Very quietly the market has now bounced 2 straight days…albeit on light volume. The S&P had dropped about 40 points off its high, and as of today’s open, will be less than 20 of the high.
I bought those reverse ETFs last Monday and then covered them on Thursday. Now I wait for my next opportunity, and to be honest, I’m not sure what that will be. Short this bounce or wait for the charts to reset and buy after the market rests or pulls back a day or so?
Here’s the 60-min SPX chart I posted yesterday after the close. From a charting standpoint, there is nothing wrong here. After rallying hard off its August 2010 low, the index rested for about 8 weeks. Then it broke out and got a little follow through. And now it’s testing the previous resistance level. If you know nothing and instead base everything on the chart, you’d conclude the long term trend is up and we are simply doing a little backing and filling. There is nothing terribly alarming here, and as long as the internal breadth indicators which I talked about over the weekend maintain the certain levels, I’m going to continue playing the current action as a pullback within an uptrend, not the beginning of a new downtrend.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s sector performance
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (May 10)”
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Silver is the hot commodity for day trading. Best way to do
that is with AGQ and ZSL. Also…looking at CAT, FCX and
CCL for some quick in and out profits today. HW
Please don’t jack with my CAT.
I’ll send my cat, Jack to mess around with your 2 dogs DIG and DUG.
My dead cats –gruesome and awesome ,are having a irrational exhuberance experiance —
today
My DE CAT will DIG DUG a hole.
Attn: Traders (except Neal) It looks like the VIX is setting
up for a sell signal. Please research this and comment on
the Leavitt blog by the end of today. Thank you, HW
Re: SLV
I’m looking for another low (below $32.50) B4 I ride that bull again.
Neal – when you meet with your FED contacts, please ask them to check in with all the technical analysts they have on retainer. I’d like some feeback on whether the BOYZ are thinking to manipulate things sideways for awhile longer, i.e maybe in a triangle formation through MAY or perhaps they’re thinking an ending diagonal on a shorter time frame this month before they take the Dow to biefly above 13,000. I’m just wanting to get a time frame to set up for a longer term short postion. By the way, if you get a chance to talk to Ben, tell him we common folk said thanks a lot for making things worse than they could have been. My kids/grandkids will pick up the tab.
Neal – you’re right, the FED’s job is to protect the Big Banks. I keep forgetting that. Sorry, but I don’t buy lunch for Wall Street gangsters and their cronies. i’ll wait for Ben to get back to Princeton (less than an hour away from me) and look for him around campus. the least he can do is buy me lunch!
ben has a million buck a year job waiting for him at morgans for bailing out the ceos mrs mack with millions in tarp money
the fed is only a pawn in the game
they provide the fodder for my shorts
lets see if they do negative interest rates in june
but its a world market
Yes !, there is a short writing course at Princeton which involves cats,Dogs,Dobie Gillis and a Fed Govenor with Blinkers on and his two narrow cronies Dug & Dig !