The bulls turned early losses into 1-to-2 percent gains on the major indices today. Those gains have created some minor improvements on the trend table (see below). The one problem with today’s rally was that volume dried up. This was one of the lightest volume days of the month. Trend Table Improvements inthe short term [...]
Posted by 28 January 2008
Watchlist for January 28, 2008
We’re set for a pretty mild open despite the crushing some overseas market’s have taken today, especially China (Shanghai). Unless some big news breaks, I’d be surprised to see a big move in our markets ahead of the Fed meeting on Wednesday. On Today’s Calendar: 10:00 — New Home Sales More Calendars: U.S. Earnings | [...]
Posted by 25 January 2008
January 25, 2008 Stock Market Recap
The bounce is going according to the textbook so far. Both the Nasdaq and S&P 500 were rejected from their August lows today. That’s a classic case of former support turning into resistance. Today’s action created bearish engulfing candlestick patterns (and outside reversals) on the S&P, Nasdaq, QQQQ as well as many individual stocks. One [...]
Posted by 25 January 2008
Watchlist for January 25, 2008
The market’s held on to the Microsoft induced strength from the after-hours session last night. It looks like the Nasdaq will open just above its August lows while the S&P will open just below its August lows. It’ll be interesting to see if those August levels do indeed flip from support to resistance. On Today’s [...]
Posted by 24 January 2008
January 24, 2008 Stock Market Recap
The bounces continued during the regular session today and into the extended hours session thanks to MSFT. I added the 10-day moving averages to the charts tonight. You can see that they’re pretty good trendlines for the month of January and that they’re just overhead. Barring any big news overnight I think the indices will [...]