September 29th 2011 Market Recap

Another wild day of trade as a strong morning gap quickly eroded and stocks sold off throughout the afternoon until the last 30 minutes. Retail stocks were the largest victims as big names like Tiffany (TIF) traded down over 10% midday before settling off their lows.

Europe remains in focus and with tomorrow being the last day of trading to end the quarter, we should expect another “anything goes” session. There will be no post tomorrow as usual so I bid everyone a fantastic weekend and will see you all back here Monday evening 8-) .

Interesting Reads:

30 yr mortgage record low 4.01%, Bank of America to add $5 monthly debit card fee

Tomorrow’s Economic calender:

Market analysis:

Trend Table

Trend Nasdaq S&P 500 Russell 2000
Long-Term Down Down Down
Intermediate Down Down Down
Short-term Down Down Down

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.

Comments

  1. Posted by Todd Johnson on September 29, 2011 at 11:49 pm

    Shorted MOS and POT off earnings news at the open today. Very clean move down for about 2 dollars. Sooooo….. catchable. I use the flat open Inefficient Market Condition and the bid offer price action to spot the institutional buyers and sellers. Very easy to do if you know how to tape read using a quote window. Great moves all week. Thanks for the forum.

  2. Posted by Lama Forecasting on October 1, 2011 at 11:07 am

    I do like the way/method you do your analysis. The trend table is a nice addition.