Good morning. Happy Tuesday.
The Asian/Pacific markets closed mostly up. Hong Kong, Indonesia and Taiwan gained more than 1%; India lost more than 1%. Europe is currently mixed. There are no standout winners or losers. Futures here in the States point towards a positive open for the cash market.
The dollar is down. Gold and silver are down a small amount. Oil is up and getting closer to $100.
We are one more day closer to Aug 2 and still no deal regarding the debt ceiling. But as dire as reports are in the media that the US will default and lose its AAA rating, Wall St. either doesn’t care or it doesn’t believe it will happen. I see no change in movement, character or personality among the indexes over the last couple weeks compared to the last couple months. Wall St. knows what’s going on, and traders who would normally be taking days off here and there are at their desks at all times – sometimes until late in the evening – but they don’t seem too concerned. They certainly aren’t eager to sell.
From a technical standpoint, if there was a slight concern, it comes from the small caps which have started to lag. While the Nas 100 made a new high last week and the Dow matched its high and the S&P got within 2%, the Russell was much further behind. And then yesterday when most of the indexes filled their opening gap downs, the Russell didn’t come close. The weak dollar is helping the market, but the lagging small caps are not.
The market is range bound. No reason to place big bets in the middle of a range. 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 26)”
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Perfect Master is almost ready to do what? Go on a
suicide drinking binge and join Amy Winehouse in
heaven? It’s too bad you couldn’t meet her while
she was still here on earth. 2) Maybe F Ford is
a buy later on today. Checking the 10min chart
for a good entry point possibly. HW
That’s funny. Long term traders checking the 10 min for an entry.
RichE that previous comment of mine did not apply to you. HW
stay long the long bonds and metals. if equity indices don’t make new highs soon, the fall might get interesting.
dow 12000
the euro has put in a intraday LH and pos a daily high
obama to be a movie star,but who will be in the shoot out at ok coral
instos have gone to neutral ,awaiting a quick reversal
the usd is used as the carry trade so am expecting a bounce on repatriation
and the possibility of a flash crash may exist
If there were to be a flash crash it must be
triggered by some sort of an event. The fact
that AussieJS just went to the bathroom does
not qualify for a flash crash. HW
yes
TMI
10 and 20 minute charts? Sounds like you position traders are trying to find the forest with a magnifying glass.
the ndx 100 may have developed the jaws of death broadening pattern
a terminal illness
“Jaws of Death” That’s a new one for me. What’s the pattern look like?
AAPL (on the hourly chart)& the NDX (on the daily & weekly charts)have caught my attention. AAPL is going parabolic but forming a potential “ending diagonal” on its hourly chart, while NDX is showing a potential “expanding wedge” pattern (megaphone)with negative divergences in the daily/weekly charts. This would be the time and place for an important high in both in the intermediate to longer term. A break to the downside led by AAPL may be worth monitoring. My apologies in advance to Neal for writing about techincal chart patterns on this site.
its a broadening trumpet/horn
and gabriel has till midnite to blow the horn and save earth
or the megaphone record will break
Megaphone? Which chart? Looks like a cup&almost handle on the 60minute.
the fed is not a govt institution ,having been sold by the usa govt many years ago
its a privite insto run by the banks for the banks and wants the tax payers money
as a once great nation ,how could u have allowed ur self to be taken over by a bunch of thugs running a ponsi scheme ,counterfeeting usd’s
We believe lies.
We drank the kool aid. we bought into the bullshit. HW