Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly down, but losses weren’t great. Europe is currently down across the board – every market has lost at least 1%. Futures here in the States suggest a moderate gap down for the cash market.
I don’t have much to add to my weekend comments. The market needed to rest last week, and that’s exactly what it did. Most of the week’s losses came on Monday while the rest of the week was choppy and negative. Friday was a decent up day, but those gains will be wiped out at today’s open.
As of today’s open, the S&P will be close to the mid point of the most recent high and low (~ mid 1260’s to mid 1350’s). The indexes went straight up and then down and are now in no-man’s land. Charts of individual stocks improved last week. When the week began, there were virtually no good set ups to be had. Now we have some to play with, but the overall market has to cooperate.
Be ready for a sudden move. The issue with the debt ceiling lingers. If it gets raised, the market will surge. If it doesn’t, the market will tank. Lots of unknown event risk. I mostly laid low last week, and that’s how I’ll start this week too. With the indexes being in the middle of their ranges, I want the market to show me more cards before I get aggressive again. 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 (Jul 18)”
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We could sing songs, “I’m in the money. I’m in the money”
negative tick extremes–euro divergences
do i smell a bull
If SPX is forming a bullish “TRIANGLE”, today’s low is a Fibonacci .618 correction of wave “D” and an ideal place to end wave “E”. On the other hand, now that 1295-1298 is under attack, this would be the place for a potential Elliott Wave 3rd wave to begin its acceleration phase and break emphatically downward putting the bearish “HEAD & SHOULDERS” pattern into the forefront. Overall, the selloff from SPX 1356 still has a “corrective” look to it (in my opinion), keeping the “Triangle” idea in place.
Tomorrow we should get ‘turn around Tuesday’ so
we shall see if we continue to sell off or bounce.
the instos esspecially the european ones are not in a accumulation mood
its dog eat dog
stay with bonds (even though they are down with the stocks today) and metals. gold chart looks amazing and my bond charts are pointing to much lower yields (despite all the default talk).
the food chain is right
usa is just a pawn in the game
the real game comes out of london and germany
notice how quite we are since europe closes at midday
if we get a bounce after 2 pm then maybe some usa bigboys came to work today
but without the fed they know where the market is going
the fed and ny fed are on negative downgrade watch already
was the bin laden 12900 dji cash –the high
But, Neal! I’m just trying to follow along with your DOW 13,000 call (which we know would have already been exceeded if Apple was part of the DOW). Anyway, thanks for the usual insightful comment. Is there anything you would like to sell the viewers of the this site today? We have haven’t had a commercial in about a week.
Included with every Dow 13,000 t-shirt you
buy you also get ‘Suzie’ the blowup doll,
(who happens to be the younger sister of Maggie).