Charts I’m Watching: Mar 21, 2013

ORIGINAL POST:  9:25 AM The EURUSD is still trying to change trajectories (purple channel to red), but hasn’t been able to break out yet. The dollar is similarly facing a change in direction if the red channel can hold. Judging from the futures, SPX is set to react off the neckline and TL we’ve been … continue reading →

Charts I’m Watching: Feb 22, 2013

ORIGINAL POST:  09:25 AM UPDATE:  09:30 AM SPX overshot our initial target by just a couple of points yesterday, reaching the channel 25% line at 1497.29 before getting the bounce I expected at 1499/1500.  Note that SPX completed a Bat Pattern down to the .886 in the process (larger white pattern.) The .618 Fib of … continue reading →

Is It or Isn’t It a Recession?

ECRI’s Weekly Leading Indicator (WLI) came out Friday at 130.2 — up from 129.6 the week before.  Further, they reported that the index’s annualized growth rate increased from 8.2 the previous week to 8.9% — the highest since May 2010.  I wondered: are they retracting their Sep 2011 recession forecast?  Are things really getting better? … continue reading →

Down the Rabbit Hole: Part 2

Alice laughed: “There’s no use trying,” she said; “one can’t believe impossible things.”   “I daresay you haven’t had much practice,” said the Queen. “When I was younger, I always did it for half an hour a day. Why, sometimes I’ve believed as many as six impossible things before breakfast.”                                     ― Lewis Carroll, Alice’s Adventures … continue reading →

DX Update: Dec 2, 2012

The US dollar remains in a rising channel within long-term channels that point to very different outcomes. The rising white channel intersects just ahead with the larger falling white channel upper bound, the rising red channel mid-line and the 75% bound of the falling purple channel. Whether the red or purple channel carries the day … continue reading →

The Waiting Game: July 31, 2012

ORIGINAL POST:  11:30 AM SPX might be tracing out either a flag or pennant pattern on the 15-min chart.  While either could portend higher prices (2/3 of the time), a flag would mean lower prices first — probably down into the mid 1370s.   At first blush, the market seems to be respecting the last … continue reading →

What Do Bankers Dream Of?

When Wells Fargo CEO John Stumpf sleeps, he dreams — like all good bankers — about numbers.  He probably doesn’t dream about the number 600 — the number of foreclosure packages signed each day by his robosigners.  He probably doesn’t dream about 14,420 — the number of conveyance claims fraudulently submitted to HUD in exchange … continue reading →