i know,who cares yesterday was history. but did anyone see the advance/ declines? i'm talking like 10-19 or 10-20. if we look under the hood,the market is still having alot of pain. i think the index's are getting a lift from mega caps. whats my point,overnight positions are a no no.
What up enforcer who cares about yesterday's action? That's the best action you can ask for, one that's already happened and can be examined. Today's is a bit reflective of yesterday's: The S&P 500 Intraday pattern held near its first hour range floor and the 50% retrace off yesterday's late low. The pattern off the high looks corrective (three legs down) and as long as 1461.35 and the midday low are intact the index is positioned for potential further gains. Resistance above the high (1466.40) is at 1473 and 1476. As well Internals have been strong today. NYSE adv/dec 2 to 1 higher,Up/down vol 3 to 1. Nasdaq 3 to 2 & 4 to 1... So as long as today's volume dwarfs yesterday's today's statistics trump! As well Europe closed at their highs and quite high indeed. It seems we are in the midst of taking out that S&P resistance and Ben B willing making a new high. All's good but the new lows point towards what you are talking about and my personal history with stks reversing and not performing well lately continues making me leery of the market even as it climbs today. What is the correct Fed response in this situation of built up expectations? Well we can only crash really big if we rally really big and that appears to be the tale of the tape recently. ~stoney
Oil spiking & rally undeterred. Wow sleep tight tonight Enforcer. Hold those positions.... Natural rally slow down point here- The Dow is nearing its 50-EMA at 13326 (50-SMA at 13428); the SPX near its 50-EMA at 1475 (50-SMA at 1484); while the Nasdaq Comp currently tests its 50-SMA at 2595.... If we can work through this it's off to the races we will have to examine breadth but I was counting on losing the oil trade, oil should be going down if we are heading into a recession shouldn't it? OIL +0.74 at 78.23, not far from all-time high of 78.77... This is how we make double tops folks! I'd short OIL in here somewhere....
stoney, interesting point about oil. recession coming but oil up? i think oil has alot to do with opec comments today but still,they are buying oil.keep in mind its hurricane season and we have the emerging markets buying oil so perhaps we do go into recession and oil still stays above 70. i actually do not see how we avoid recession due to the whole expansion being predicated upon housing/home equity loans. think about it,so many people got home equity loans to go on buying spree's. housing values were inlated so much to the point that mortgage lenders would actually ask what the home owner wanted their home valued at.i remember when i got a home equity,they asked me how much my home was worth and i just sold them 900,000. it was ridiculous. i paid mine off but so many people can't.
I refinanced once from 7 3/4 -30 year to 4.89 -15 year fixed, that's enough. I thought it was a once in a lifetime lockin. Even now with all the turmoil the mortgages being written are far under 7 3/4% that I paid in the late 90's. It's amazing how quickly people forget what it's supposed to cost to borrow money. The ironic thing of course is the bankers are no different in fact they are worse. Selective amnesia? I wonder...