JNK, the junk bond ETF. In the crash, it fell from 48 to 28 in a month. It’s been rebounding with the rising market and lower rates, but has barely moved in the past 6 months. Except… that it’s crawling along in a little rising wedge that’s about to play out. I don’t know anything … continue reading →
Category Archives: Charts I’m Watching
Quick update before the open… VIX call per the bearish Gartley was dead on. VIX fell another 8% since the call, closing at 16.23 — down from 19.09. The hourly charts confirm a continued fall over the near term. My original target of 15.10 looking safe for the moment. Very bullish for a continued rally … continue reading →
While it would be easy to jump on the P[3] bandwagon right about now (and it wouldn’t take much convincing) a note of caution is in order. A pullback that stalls in the low 1320’s on SPX would leave a pretty well-formed bullish Gartley Pattern (Point B should be 4 points lower, allowing a fuller … continue reading →
… “everything looks like a nail” is the old saying. Harmonic patterns aren’t too hard to spot. Look for a big W, right side up or upside down, where each leg is a partial retracement of the previous one except for the last, which extends the previous leg but ends as a retracement of the … continue reading →
VIX just completed a very well-formed bearish Gartley Pattern [see last post – Are We There Yet?], indicating it MIGHT have topped at 19.09. In addition, VIX just bounced off its upper bollinger band, and there’s a shooting star on the 30 minute candle. SPX is also a few points from completing a bullish Bat … continue reading →
It was supposed to be a great turnaround story, a good cause and a profitable investment, too. After going public again post taxpayer bailout, GM dropped like a rock despite research report puffery that would have Shakespeare drooling with envy http://in.mobile.reuters.com/article/rbssConsumerGoodsAndRetailNews/idINN1824469820110419?irpc=984 … continue reading →
While it would be easy to get caught up in P[3] fever, here’s a note of caution. A pullback in the SPX to 1321, if it isn’t
Saying today’s PPI numbers were great — except for food and gas prices — is like saying your flight was great — except for the highjacking.
UPDATE — 2:00 AM EDT SPX closed down 8.30 at 1329.47, down 3% from the high of 1370. The Asian markets are mostly flat or mixed, with the e-minis indicating a slight rebound. The weekly charts look abysmal, but there’s still the possibility that we’ll bounce off these levels for one last push. In addition … continue reading →