There’s not much to be get excited about in these past 24 hours as we ease into the last session of the quarter. RBOB dropped to our initial target but seems to be hung up there for reasons we discussed yesterday. Stocks are levitating nicely, but one gets the sense the other shoe might be … continue reading →
Monthly Archives: September 2017
It starts out with a bright, buoyant red balloon, but goes downhill awfully fast. (spoiler alert: a sewer-dwelling, child-devouring clown that somehow isn’t all that funny.) So it is with this market. The S&P 500 has been floating along for over two weeks, close enough to 2500 to reach out and snatch it any time … continue reading →
In what were generally viewed as hawkish comments, Janet Yellen reinforced the widely held expectation of a rate hike in December. USDJPY is rallying strongly in response. After struggling for the past week at the SMA200 and, more recently, at a TL off its recent highs, it is making a show of breaking out. Needless … continue reading →
Futures are slightly positive this morning even though RB and CL are slumping — primarily on an overnight VIX dump — off 9.9% from yesterday’s highs. Note the SMA10 at 10.08.Traders will remain focused on Fedspeak and North Korea, either of which has the potential to upset the month-end run for the barn. SPX and … continue reading →
Futures are currently off about 5 points as VIX, again, pokes its head up over 10. This has been going on for the last 7 sessions or so. Again, the question is whether it’ll last this time. Overhead resistance awaits at 10.75.continued for members… … continue reading →
When you live by the algo, you have to be prepared to die by the algo. With only 10% of daily equity volume being driven by fundamental, discretionary, carbon-based investors, 90% of the volume is subject to the whims of the silicon-based traders. This morning, we have the S&P 500 trying very hard to hold … continue reading →
When the Fed, which employs hundreds of economists and PhD’s says they don’t understand inflation, is there any hope left for humanity? Come on, guys. It’s pretty straightforward…wouldn’t you say? On the one hand, there’s the fairly significant $14 trillion in financial assets you’ve bought up over the past few years. Then, there’s basic commodities … continue reading →
I consider gold a good indicator of the inflation fever out there. Note that it recently broke down from its latest rising channel (white.) So, it would be easy to say it’s done, that there’s little chance of it reaching 1380. Readers will recall I suggested bowing out at 1348.60 [the yellow arrow, see: Sep … continue reading →
Welcome to another FOMC day. If you read yesterday’s post, there is absolutely nothing new to report today. SPX, DJIA, COMP, NDX and NYA are all at or near all-time highs, while XLF and RUT are at important resistance. As usual, there has been much speculation regarding the Fed’s future plans. As usual, the FOMC … continue reading →
In our last update on RUT [see: Feb 13 Update] I noted that RUT had returned to test an important Fib level at 1392 and the top of a long-term channel after a very modest setback the first time around a few months earlier. The path forward was a little murky, so I laid out … continue reading →