As I type this we’re set for a bounce this morning. Many traders would prefer to see a weak morning followed by a strong close in order to hopefully flush out the last of the sellers. It doesn’t seem like that going to happen today. Anyway, here are some charts I’ll be watching closely over [...]
Posted by 26 July 2007
July 26th Recap: Technical Damage on Record Volume
OK, you folks know how this goes: another one of *those* days with every sector and index down all-time record volume on the downside vs. lower volume rallies moving averages broken all over the place March trendlines broken again subprime & credit woes financials looking like death T2108 under 20 (closed at 18.86) my blog [...]
Posted by 26 July 2007
Is T2108 Already Indicating a Bottom?
So I was looking through my charts today and was shocked when I got to T2108 (Worden’s indicator for % of NYSE stocks above their 40-day moving averages). While the indices have been steadily hitting new highs (notably excluding the Russell 2000 and financials) T2108 has been trending down. In other words, a greater percentage [...]
Posted by 24 July 2007
Apple’s Worst One-Day Decline in Seven Years???
Somebody at CNBC has decided to hype the fact that Apple’s (AAPL) $8.81 drop today is the worst one-day decline since autumn 2000. I guess that’s true if you’re looking at points but I’d argue that you should look at percentages. Alternatively, one could look at market cap. Based on that measure they certainly did [...]
Posted by 21 July 2007
July 20, 2007 Stock Market Recap
Well, we knew coming in to this week with options expiration and earnings that it would be a busy one and it didn’t disappoint. The last three days, especially, were a serios tug-o-war between bulls & bears. We had some big moves in both directions but when all was said & done the indices ended [...]
