Good morning. Happy Friday. The intermediate term trend is up, but we must recognize the possibility yesterday was a false breakout or bull trap – a new high that suckers in late-to-the-party bulls before the selling begins. Here’s the daily SPX chart. There’s nothing wrong with it. We got a solid move off the low, […]

Good morning. Happy Thursday. The market’s reaction to the Fed yesterday was less than lukewarm, but that doesn’t mean the party’s over. There’s a big tendency to reverse the post-FOMC move. Premarket futures are up a bunch, so this makes playing the bullish sentiment harder. Yesterday all the major indexes made new highs (the SPX […]

Good morning. Happy Wednesday. Happy Fed Day. Today the FOMC announces their ‘target’ for overnight rates which are already under 1% and sets the discount rate. No change is expected, so as has been the case the last few meetings, it’s their statement which will be read and dissected. I consider this a meaningless event, […]

Good morning. Happy Tuesday. Swine flu continues to dominate the news. SPX futures are down 14 and Nas 100 futures are down 16. It looks like earnings are being pushed aside for now. I’ve been in cash for over a week and am going to stick with day trading for now. If swine flu scares […]

Good morning. Happy Monday. Hope you had a nice weekend. The SPX lost about 3 points last week – its first losing week in seven weeks. We’ll call it a pause week, or just some simple consolidation. The SPX has traded between 825 & 875 for over two weeks; it’s either setting up for a […]