Good morning. Happy Thursday. As of an hour before yesterday’s close, it looked like the market was going to shrug off Monday’s intense sell-off, but then the floor got pulled out. The SPX fell 20 points in 60 minutes and closed at its LOD. Now we’re going to get a gap up open that recaptures […]

Good morning. Happy Wednesday. So we had a massive down day Monday and a pretty good up day yesterday. I have no problem admitting I don’t know what comes next. Word is the document circulating trading desks Monday morning which played a big role causing the selling pressure was bogus – totally fabricated. If that’s […]

Good morning. Happy Tuesday. So after six weeks of grinding higher, the market finally cracked yesterday. Since the March low, dips have gotten bought and losing streaks were contained to two days. Odds now favor a move down – or at least the path of least resistance is now down. Whether the lows are revisited […]

Good morning. Happy Monday. Hope you had a nice weekend. I’m going to feel like a broken record here because it’s the same tune I’ve been singing for the last week. The trend is up; new highs are made every few days; dips get bought; there are many great looking charts out there. But there […]

Good morning. Happy Friday. Happy Options Expiration Day. The bulls are resilient, aren’t they? Every dip gets bought…new swing highs were registered again yesterday. It’s now been almost 7 weeks since the SPX lost ground for more than 2 consecutive days. Over the last week I’ve gotten less optimistic the uptrend would continue in the […]

Good morning. Happy Thursday. The market traded range bound most of yesterday until the last hour when it surged upward. Maybe the charts were painted, maybe they weren’t. In any case, the dailies don’t look back. One down day on Tuesday coming off a couple up days isn’t anything to be overly concerned with. I’m […]

Good morning. Happy Wednesday. Yesterday the market gapped down pushed lower…rallied to fill the gap…and then was weak all day. Premarket futures trading suggests an open at or below yesterday’s low. Is there reason to be concerned? This is what’s on my mind: The market has put in 5 consecutive up weeks (it’s due for […]

Good morning. Happy Tuesday. Yesterday the market was weak, then exhibited strength, and then sold off some into the close. In the end the indexes were largely unchanged. Here’s that SPX weekly I posted yesterday. The index is slightly struggling here near resistance while volume has fallen off each week, and although not easily apparent, […]

Good morning. Happy Monday. Hope you had a nice long weekend. Last Thursday all the indexes closed at new swing highs on pretty good volume. Many charts of individual stocks broke out last week and many more are sitting right at resistance. But we aren’t without warning signs. Most of the internal breadth indicators are […]