Yesterday, former SEC attorney Teresa Goody joined those calling for an investigation into the market action on December 24. It was hardly the biggest move we’ve seen over the past year. But, it resulted in new lows that ruffled a few feathers. Click the image to watch the interview, or just keep reading. Goody: …when … continue reading →
According to Commerce Secretary Wilbur Ross, the U.S. and China are “miles and miles” away from resolving their trade war. Moments later, Mario Draghi declared that “significant stimulus remains essential” and that risks are to the downside. The twin salvos sent the futures back to flat as we approach the open, despite the support they’re … continue reading →
Members, remember to request access to @pebbletrades if you’d like intraday notices of important updates. Only about 20% of you are currently signed up, and I’d like to use it more often to signal when important target tags or changes to a forecast occur. If your identity isn’t discernible from your Twitter handle, drop us … continue reading →
Will we finally get a backtest of the neckline? With futures currently off 18 points, it’s certainly looking that way. continued for members… … continue reading →
Algos took off following yesterday’s “news” that a China tariff deal was in the works, ignoring the admission shortly thereafter that the news was, indeed fake. Why no repercussions? Simple. By then, ES had topped the H&S neckline — stopping out shorts who then piled in on the long side. VIX’s ongoing smackdown didn’t hurt … continue reading →
In our last update on the Dow [see: Dec 11 Update] I mentioned that it was coming up on important support. if DJIA should happen to plunge below its purple .886 at 23755, I’d sure want to be short. As it turned out, we had less than a week to wait. DJIA dropped through 23755 … continue reading →
Futures are off 7 points as we approach the open……up about 10 points from the overnight lows that saw VIX gap back above its SMA100. While theoretically important, we often see these types of moves after hours — the sole purpose of which is to provide VIX an opportunity to break down the following morning. … continue reading →
December 24 was a pivotal day. As we noted at the time, most of our downside targets, some from several months prior, were tagged [see: Throwing the Game.] ES reached our H&S target. So far, it has bounced 13.3%.Oil reached our 43.50 target and has bounced 25.8%.RBOB reached our 1.2603 target and has bounced 16.2%.AAPL … continue reading →
The rising wedge we’ve been watching develop has made no further progress, but has merely extended as we approach OPEX Friday.With so much riding on whether it breaks down or breaks out, we’ll take a look at the big picture. One thing’s for sure: the next move will be measured in hundreds of points. continued … continue reading →
S&P futures came to within 20 points of the neckline of the H&S which nicely forecast December’s 300-pt plunge before finally taking a rest last night. Yet, as the charts indicate, the latest drop has (so far) merely tested the bottom of a rising wedge. Should ES bounce from these levels, the upside case remains … continue reading →