Good morning. Happy Friday.
The Asian/Pacific markets closed down across the board – South Korea and Taiwan lost more than 1%. Europe is currently down across the board – Belgium, France, Amsterdam and Switzerland are down more than 1%. Futures here in the States point towards a moderate gap down open for the cash market.
The dollar is up a little. Gold and silver are down small amounts. Oil is down 73 cents.
The vote that was supposed to take place yesterday was delayed. We were supposed to get an answer but instead we’re told to wait longer.
When analyzing the trend and its staying power, often the index charts are sufficient. But funny math will sometimes paint the index charts to say one thing while charts of individual stocks say something else. I looked at 1000 charts last night; they don’t look good. Many have suffered losses much greater than the overall market, and even safe havens such as CAT and MMM have taken big hits. It’s ok for safe havens to lag when the market moves up because money is rotated to higher beta issues, but when the market is weak and the safe havens fall a bunch, something is wrong.
A lot of damage has been done to the charts…so much damage that if an agreement in Washington induces some short covering, I don’t think it’ll last long. There are too many bag holders who believed at the beginning of the week an agreement was inevitable, so they kept their longs. Now those traders are hoping for a chance to salvage their positions. 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 29)”
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well well, who is brave enough to step in front of this runaway train and buy ahead of the weekend of mother of all negotiations? indices look right on support too, wouldn’t it be a shame if we opened 20 points higher monday? well, only if we didn’t buy. 🙂
bonds and metals are looking so good chartwise, too.
and if no resolution –instos will sell
and if a resolution –instos will sell the rally
mr js i have a hunch that folks are looking to buy, not sell. and they will lift the stocks from support whatever happens. as long as something happens and the great uncertainty disappears. in other words if us goes bankrupt, we go up. if greece goes bankrupt, we go up. when charts get to major support with lots of pessimism and bad news, usually good things happen. i must admit i am more comfy in bonds and gold, but just my two cents in stocks. if they don’t break down when we are looking into the abyss newswise, we probably don’t when we actually are in the abyss.
there you go the gap down closed just like that. there may be violent swings around support, but if it holds, watch out above.
$VIX has or is just about to give a new buy signal.
Going long at the bell at Friday 4pm might be a
high risk-high reward move for gains next week. HW
at above vix 26-instos will be selling
Another point to consider is that we are currently in the
typical end of month beginning of month bullish cycle.
Of course all indicators are distorted right now due
to: a) my drinking problem; b) Maggie continuously
nagging at me and; c) Bonehead vs. Obummer in the
WWE steel cage match in Washington D.C.
instos are having a lot of fun since apple got worms and ibm turned red
so am i
in a bull market we buy the dips
in a bear market we sell the peaks-lh’s
i went short the dji at 12900 spot on cash price premarket,but as a daytrader i had to close the possition
i follow the instos ,because im to stupid to know whats going on
may -2nd
daytraders are in control of the market
as per daytrading principles we go for gap fill first
ndx back at main piviot
failure here is a short
viva the daytraders
Is AAPL holding up major averages all by its lonesome? If so, I’d take heed of the hourly, daily and weekly charts (Neal, you can disregard this) for signs of technical divergences, distribution etc. Oh, you recognize those signs already?
In terms of time, I think we’re running out of it for the broad averages. Any new highs from here will probably be short lived and more of a “pop & drop”. Long term, it’s time to to make plans to exit the long side, in my opinion, and plan a strategy for the short side of the trade – but i’m talking longer term.
apple is a hyped up ailen island reversal- disarster
the chinesse will swap it for their worthless usa bonds ,that they bought with a overvalued yuan and they will now get their just deserts– worms in apple stew
wow look at the bonds go before the default weekend. i think i’ll trim some ahead of the weekend.