Not Terribly Slick

The White House’s brain trust thought this would help? US Plans to Release 30 Million Barrels of Oil From Strategic Reserves http://www.cnbc.com/id/43508255 Come on, guys; everyone knows that markets are very much in sync these days.  This little stink bomb took crude down $4 and an already fragile market down another 20 points. While lower … continue reading →

Intra-day: June 23, 2011

Once again, the financial establishment must be wondering how to cancel the Bernanke Show.  Though, that’s not the real reason the market is down 21 points to 1265.  It’s the economy, of course.  With a little help from a bone-headed move to tap the strategic oil reserve.  And, this morning, we get a little taste … continue reading →

Intra-day: June 22, 2011

The Bernanke managed to not send the markets down this time.  He struck as neutral a tone as possible, giving both the bulls and the bears something to hang their hats on.  Bottom line: no impact.  The climb to 1320+ should continue as planned. The current retreat, as discussed yesterday, should be contained at 1287-ish, … continue reading →

Intra-day: Jun 16, 2011

UPDATE 12:35 PDT The Gartley busted as the VIX took off for the moon.  Busted Gartley’s often become butterflies, which is exactly what happened here.  The .786/.786/1.272 pattern completed at 24.23.  The .618 reversal target is around 19.12.  Any extension, not uncommon in butterflies, could take VIX much lower. The 1.272 extension, for instance, would … continue reading →

You’ve Got a Fan in Me

Last week I proposed a methodology for defining market tops in Channel Surfing and in the follow-up, Update: Channel Surfing.  I described it like this:…characterized by a multi-month pattern within a rising market that has at least two significant touches (of the index or its Bollinger Band) of at least 1.5 standard deviations on the … continue reading →