Regular readers have heard me discuss the ongoing battle between “the powers that be” and truth sayers. TPTB make more money when markets are going up. They love the status quo. They love assumptions that you can plug into a spreadsheet and take to the bank. They love steadily rising markets that encourage consumers to … continue reading →
Category Archives: Charts I’m Watching
UPDATE: 3:15 PM SPX attempting a comeback. Could be nothing more than a back test on the small H&S; pattern just completed that indicates 1352 to the downside. I’m watching the 30 and 60-minute RSI’s for signs that it’s more than just that. The daily RSI is still looking quite bearish, having broken the yellow … continue reading →
My call to American Express the other day… Nancy: American Express, this is Nancy. How may I help you? Me: Hi, Nancy, I’m calling to request an increase in my credit line.Nancy: Okay, I’m looking at your account, here… how much were you thinking about?Me: I’d like to double it.Nancy: Double? That’s … continue reading →
ORIGINAL POST: Stocks are off to a modest sell-off. The RUT continues to move ahead of SPX, trading below the SMA 10 and 20. I’m adding an additional 150 shares to my model portfolio which, as of yesterday’s close, looked like this: Some of the charts I’m watching… RUT has broken its rising wedge and … continue reading →
Feeling bullish? Excited about auto sales after headlines like these? Take a closer look. From GM’s own investor relations website: Notice the 3.9% year-over-year decline from Feb 2011? How about the 2.2% decline versus ytd 2011? They’re made all the more negative when you consider the channel stuffing going on. Channel stuffing, for those who … continue reading →
UPDATE: 11:15 AM The market is shrugging off the horrible economic news, meaning it likely has more upside in store. Remember, we have several targets we’ve been discussing for the past few weeks. The big Gartley that started in October 2007 at 1576.09 never quite reached its .786 Fib level in May, coming up 11 … continue reading →
UPDATE: 11:45 PM Very strange day in the markets… Earlier this morning I posted: Worst case scenario for the bears is yet another false breakdown that bleeds off positive sentiment and overbought conditions, allowing a further melt up. What did we get? Another false breakdown that bled off positive sentiment and overbought conditions, setting the … continue reading →
Those wacky Fed governors are at it again — Bullard going on about how housing won’t recover for years, and Williams pounding the table for aggressive stimulation (QE.) Big surprise, but the dollar is plunging — even as a House bill is introduced to strip the Fed of half its mandate (the stimulation half) and … continue reading →
UPDATE: 1:15 PM AAPL hit the (presumed) Bat target and has paused around 522. If it holds, look for the downturn to resume. If not, then the new target is 529.25. Meanwhile, FactSet reports that, absent AAPL and AIG, last quarter’s S&P; 500 earnings growth would have been 1.1% rather than the 5.9% reported thus … continue reading →
ORIGINAL POST: SPX just completed a little inverse H&S; pattern that points toward 1372 — the same level as the inverse H&S; and just above the May 1370.58 high. I don’t know whether we’ll exceed 1370 or not, but it’s a watershed mark for investors — especially those who care about Elliott Wave theory. This … continue reading →