Intra-day: July 26, 2011

UPDATE:  11:25 AM PDT The market’s making it’s daily recovery attempt.  The past two days, we’ve seen an 88.6% Fibonacci retracement of the previous day’s high.  While the rally could run out of gas sooner, today’s 88.6% level is 1342.16.  It would also mark the completion of a bearish crab pattern. UPDATE:  9:50 AM PDT … continue reading →

The Empire Has No Clothes

I’m going to continue to track the relationship between equities and the dollar.  As discussed in several of our latest posts, there’s a real possibility that the normally inverse relationship will be positively correlated in at least the near-term.  In other words, everything tanks. While the dollar has plenty of “issues,”  I expect that a … continue reading →

S&P Lowers GDP Growth Estimate

Highlights: 2Q  lowered from 4% to 1.7%. 2011 lowered from 3.1% to 2.4% Additional 2Q forecasts:          July      March Unemployment                        9.1%      8.9% Consumer spending                  .60         2.9 Equip. Investment                    4.7        17.2 Resid. Construction                  3.8         12 Fed Government               … continue reading →

So Far… So Far

It puzzles me how, when the market does exactly what it’s expected to do, some folks take it as a sign that everything’s somehow changed. Late Tuesday night [Ten Lousy Points] I blogged for the 1,000th time about the similarities between this market and that of 2007.  I pointed specifically to December 21, 2007 as … continue reading →