Good morning. Happy Friday.
The Asian/Pacific markets closed mixed – South Korea and Taiwan lost more than 1%. Europe is currently mostly down, but there are no big losers. Futures here in the States point towards a slight down open for the cash market.
So the market finally bounced yesterday, but it wasn’t an impressive bounce. It lacked energy and enthusiasm and volume, and it was not characterized by buying surges. Buyers were not eager to buy; shorts were not eager to cover. The indexes can continue up today (or for a few more days), but for me to believe the bounce can last more than a couple days, I need to see more energy.
For now my stance stays the same. The trend is down…it’s ok to take some profits here with shorts, but don’t take complete profits…maintain some exposure just in case the market melts down. If you want to go long, fine. Just know it’s likely to be a very short term trade.
I have no idea what the Fed has up its sleeve, but if left alone, the market will continue down for the foreseeable future.
Here’s the SPX week. My first downside target (bottom Bollinger Band of weekly chart) has been hit. Next is 1250ish. More after the open.
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 (Jun 10)”
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the preopen has been fun
just been playing in/out the dax for 30 points a pop
same with dji spx and ndx
the ftse has been a bit slower
no thats what i call sideways channels
—oops we are geting a channel breakout –have to extend
It’s a little disconcerting right now to see the Dow futures
are down (-) 45 and Gold is down (-) 14.60. This, according
to Elliott Wave theory, is supposed to be very bearish. HW
Tio: Would you provide an example for the past ten trading days.
the market is very simple
it just moves between support and res
Why is my Zen master teaching commodities 101 to
a non-believer? Someone who questions the Zen’s reasonings?
is the selling over
neal u dont know how to day trasde
i closed my shorts at 11.19 just before i gave the heads up and europe close
just woke up now so maybe its time to go short soon
go ask the desperate fed what its going to do next
there are no buyers
tell the fed to come clean about its criminal ponsi
oops maybe thats my selling causing the markets to go down
only joking–im going back to sleep
ive made a packet pre market to europe close
ever stoped to think this is banks having to raise capital reqiements and opts related selling
a capitulation bottom—perhaps
bof a is closing its bond prop trading desk
fed was buying bank etf today
im only extramely good because i use the Pattern Trapper technique
not finished yet,Neal
but thinking of getting his inds on esignal