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 →
Tag Archives: fed
As expected, equities have sold off since tagging the 1.618 Fib of the July 7 – Oct 4, 2011 sell off — dropping as low as 1522.19 this morning. While it’s gratifying to see a reversal at a major Fib like this, it won’t mean much until SPX can make some new lows. I’d be … continue reading →
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 →
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 →
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 →
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 →
Many readers have been asking about oil. It’s not that I haven’t been interested, it’s just been a real bear to analyze. Here, after a dozen hours of racking my brain, is where I see it. Like many stock indices and currencies, Crude Light (CL) is at a critical stage. It reached 114.83 after breaking … continue reading →
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 →