Looks Like A Top In The Euro
The $/Euro seems to have formed a triple to top around $1.50 with the most recent peak occuring in just the last few days ($/Euro 6 Month Chart). Today, the European Central Bank (ECB) decided to hold rates steady but…
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Market Shows Surprising Strength In Face Of Horrendous Jobs Number, Google
A rally today in the face of [the Jobs Report] would help show that the market is convinced of three things: 1) the bottom has already been put in, 2) if we’re in a recession, that it won’t last long due to…
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Major Indexes Break Key Support, Close At 9 Month Lows
A couple Fridays ago (1/4) I put key support as follows: Dow: 12,700 S&P: 1400 Nasdaq: 2450 And I wrote: I’d expect these levels to hold today. And we could even see a bounce off of them in the short…
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What Kind Of A Bounce Can We Expect?
At some point, probably some point soon, stocks will bounce. There are still bulls out there and at some point some will step in and start buying stocks. The question is: How much of a bounce can we expect? Personally,…
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Markets Approaching Key Support
The selloff is accelerating here in the afternoon and we are rapidly approaching key support levels that need to hold if the bull market is intact. Here is where indexes are now and where key support is (in my opinion):…
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Federal Express Reports 4th Straight Quarter Of Declining US Revenue
A lot of important earnings news affecting the market today: Oracle (ORCL), Nike (NKE), Bear Stearns (BSC), Federal Express (FDX) and Winnebago (WGO). ***** Everybody pretty much knew Bear was going to report an ugly quarter and they in fact…
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Is Goldman Really Different?
Take a look at a YTD Goldman Sachs Chart. Especially zero in on the last 6 weeks (GS 2 Month Chart). Notice the zigging and zagging: After closing around $248 on Wednesday October 31st, Goldman’s shares sold off over the…
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The Technicals Are Bearish – Watch For The Break Below 1400
If you look at a chart of the S&P for the last 6 months, the action is really bearish from a technical standpoint (S&P Downtrend Chart). We had a double top around 1560 (July 19, Oct 9). And now we’ve…
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Defensive Stocks Outperforming Last 3 Months – Forecasting A Recession?
BeSpoke Investment Group put up an interesting post, with fabulous charts as usual, this morning on sector relative performance over the last year. They also included red dots to indicate the four rate cuts (Aug 17, Sept 18, Oct 31,…
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Why I Think The Last 9 Days Are Just A Bounce
“The logic for this move still escapes me, but what’s logic got to do with it? Nothing.” – Larry McMillan (subscription required), Principal, McMillan Analysis Corp. I am convinced that the big move up we’ve seen in the stock market averages…