Successful Retest?
The same can be said about the overall market: We’re looking at a retest of the lows from October 10 (840 intraday) and October 27 (848 close). If those lows can hold, we’re adding even more support to the market…
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Best Buy: Worst Retail Environment Ever
Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we’ve ever seen. – Brad Anderson, CEO, Best Buy In 42 years of retailing, we’ve never seen such difficult times for the consumer. People are making…
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The Analogy To 1987
As most of you know, my position has been that the lows for the year were registed on Friday October 10th. I still believe that that day marked capitulation – at least for the intermediate term. The Dow swung down…
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900 On The S&P
Yesterday I said that 1,000 on the S&P represents significant upside resistance. I didn’t think I’d be writing about it so soon but I think 900 represents important downside support. We’ve only closed below 900 four times: Fri 10/10 (899),…
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1,000 On The S&P
The key short term level for me is 1,000 on the S&P 500. If this rally is to turn into a significant, multi week, year-end surge, then 1,000 needs to be taken out and in the next couple weeks too….
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Follow Through Day
Starting on the fourth day of the attempted rally, look for one of the major averages to ‘follow through’, meaning it shows a booming 2% or more gain on heavier volume than the day before. This tells you the rally…
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The Lows For The Year Are In
It’s my opinion that we’ll look back at last week as the 2008 trading low (not to be confused with a market bottom) before a harsher downside comeuppance arrives next year. – Todd Harrison, “Have we seen the 2008 trading…
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S&P 500 Down 25% In The Last 2 Weeks!
We just don’t know how any indicator or assumption will fare since there has been nothing like the current market since at least 1987. Arguably, there has been nothing like it since 1929. – “When Market Analysis Capitulates” (subscription required),…
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Get Ready For The Mother Of All Bear Market Rallies
Right now it feels to most investors like the bottom is about to fall out. All they’ve seen is stocks go down, down, down, day after day after day. And that’s what they expect for the future. A few weeks…
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This Is Capitulation
This is capitulation: “Whatever money you may need for the next five years, please take it out of the stock market right now, this week” – Popular financial guru Jim Cramer on the Today Show this morning. The S&P dropped…