The market continues to thrash around. We’ve just completed the sixth day of bouncing around in the same tight range. This may be fun for some good day traders, but it’s boring me to tears. I still think the resolution of this trading range will be downward. The May highs seem like a logical place [...]
Posted by 30 June 2003
Intel Upgrade
Interesting upgrade for Intel today. Intel had one of the worst looking charts of the bunch I looked at over the weekend. OBV is very weak, and the price pattern is nothing to write home about. If you buy the analyst’s story this may be a good risk/reward situation though. The 50 day moving average [...]
Posted by 29 June 2003
Losing Steam
We had a pretty volatile day on Friday as the market reversed its rally attempt. Regardless of the reason for the selling, the charts are telling me that the tide has turned, and that sellers are in control of the market… for now. (Notice how the 3:00 rally has largely been missing this week.) The [...]
Posted by 29 June 2003
Homebuilders Topping?
Posted by 27 June 2003
Nobody’s Left to Buy!
Here’s the talk about why we’re selling off now. From Briefing.com: 13:53 ET Floor Talk Speaking to an analyst who believes recent spike in American Association of Individual Investors survey is a reason for caution. This individual notes that the last two times bullishness reached similar levels was one week before the all time high [...]
