I've been reading "market gurus" blabber about reports, numbers, earnings reports etc. Guess what? All after the fact BS. Market goes where it goes and then carve the reports into what happened. So oil dropped and the market rallied. No oil dropped and the market dropped finally realizing oil is too high to sustain any meaningful rally. Jobs report too lean for further strength.... Blah, blah, blah.... File this soliloquy in the Journals section and close it.
Neutral markets close, neutrally. Neutral markets with a bearish bias close neutrally with a a bearish bias, go figure.
Looks like we're in for some sideways action here. Too far from the top or bottom of the range for anything else. Hopefully we'll have some steep slopes for carving nice big "S-turns." Good Luck
Big "S-turns" available for the taking as we tested the shorteest-term low then jacked to the top for some nice long intraday trends. What's next I don't know. Maybe with further analysis it will be clear but for now as a daytrader I'm out and will enjoy the weekend.
I looked at the S & P's in detail and it appears we're lookin' at a showdown -- Bull vs. Bear. We should have some volatility going forward as once a side takes hold the momentum typically carries to the next obvious support or resistance level. Trading is active so volume should keep things lively. Friday had a good run across a fairly wide range of prints and this I believe is the torch lighting the way for next week. Neutral, increased volatility looking for a break and dominance of either buyers or sellers. JMHO
Not to be disappointed we rally on fighting the FED... Rolled over as anticipated after the month end money flow slowed... low held as anticipated... Not to belabor the obvious but we're nearing a strong support level and are oversold at the moment... Looks like we're in for some sideways action here... nice big "S-turns." Simply P & F charts show tha action unfold. Rollover month-end to support then to neutral. As one can see we are firmly rolled over on a weekly basis from a multi-year bull market high but with a tired bull and all the reasons cited earlier the potential to breakdown is real... We shall see. Good Luck
Summation index shows we bounced again today after the bond close but it is slowly working through support. We seem to be holding 1250's nicely at present and may need another bounce up before we get a follow through trend day down.
Sorry, my charts wouldn't load for posting. Basically as foretold by the summation index we were bouncing on support. Today we rallied hard with enough juice from the surprisingly robust retail sales and lower oil to take us all the way to the top of the channel in the spooz. We have alot of scheduled news on the way with Thursday's Bernanke congressional confessional front and center. Although I was expecting a bounce, I wasn't really expecting this much strength. The days ahead should be interesting.