This was a disappointing day for the bulls from a technical standpoint. All three of the indices which I usually track fell back under their 50-day moving averages. They also gave back all of yesterday’s enthusiastic, bank & financials fueled rally. The fact that today’s selling came on decreasing volume is small consolation. The bulls [...]
Posted by 29 January 2009
Will the 50-Day Moving Averages Hold?
Posted by 27 January 2009
January 27 Recap: An Inside Day
I don’t have much to say different from what I said last night. The indices stayed within yesterday’s ranges, making inside days. That shows a lack of conviction which I assume is due to the Fed decision tomorrow. We did get some strength after-hours on news of the so-called “bad bank” plan. BofA (BAC) was [...]
Posted by 26 January 2009
January 26 Recap & Charts to Watch
The indices continued their range-bound trading today. The early strength gave way to selling mid-morning. I’m not sure whether to blame it on Obama’s economic press conference or technicals — the Nasdaq approaching its 50-day moving average and the indices hitting last week’s range tops. I suspect we will have more of this range trading [...]
Posted by 26 January 2009
Quick Look at the S&P 500
You don’t need me to tell you how choppy last week was. The market traded in a well defined sideways range. While I was impressed that it didn’t break down given some of the weak opens the action still seems bearish to me. Something deeply oversold that just goes sideways doesn’t instill much confidencin me [...]
