Yesterday’s 200 point decline in the Dow was accompanied by some of the heaviest volume we have seen in a while. On top of that, Monday’s trading qualified as yet another 90 percent downside day, where 90 percent of the…
The New York Stock Exchange composite index was stopped last week at resistance just north of the 6000 level and just south of its 200-day moving average. This is the first time in one year that the latter has been…
Is this what a bottom looks like? This city was among the first in the nation to fall victim to the real estate collapse. Now it seems to be in the earliest stages of a recovery, a hopeful sign for…
With very little technical or fundamental evidence to support it, the market remains resilient. – Michael Kahn, “The Rally That Just Will Not Quit” (subscription required), Barron’s, April 29 (Via BeSpoke Investment Group, “S&P 500 Breaks Another Resistance Level”, April…
This market is way overbought. It’s acting like a lot of people believe a new bull market is underway – but it isn’t. The financials (XLF) are almost 30% above their 50 DMA. (Chart from BeSpoke Investment Group) All the major indexes…
Great excerpt from Robert Prechter on the paradox of successful trading (via Trader’s Narrative): The natural tendency of people to apply physics to finance explains why successful traders are so rare and why they are so immensely rewarded for their skills. …
800 on the S&P 500 is substantial resistance in my opinion. For one thing, it’s the 50 day moving average. Second, it was acting as support earlier this year. Further, it shorted out Wednesday’s Fed rally and appears to be…
Michael Kahn, Barron’s technician, summed up the technicals this way in Wednesday’s column: I think the real message lies somewhere in the middle with the bearish trend ending and a sideways range beginning….. This is hardly a bull market forecast. …
Today the S&P broke below 800 and the Dow came within 100 points of its November 21st intrday low. The re-test is here! Interestingly, most sectors are higher than they were back on November 20th – with the exception of…
The big story today is Walmart (WMT) lowering its 4th quarter earnings forecast from a range of $0.97-$1.01 to a range of $0.91-$0.94 due to below expectation sales and higher expenses at Sam’s Club and Walmart International – Walmart is…