Yes, the gap closed, but we also held a double test of the Friday close. The next test is the VWAP/Pivot confluence. It probably gets rejected first try, well see but positive internals are gaining the upper hand...
Read MorePrice was again all over the map after falling back from a 1/3rd+ retrace, setting the market up for a high-probability retest of the August lows. Whether or not that holds will continue to rely strongly on news flow, with a GDP...
Read MoreThis morning’s bounce on possible FED intervention did not help and it trapped more eager bulls as no one seems to want to hold over the weekend. Market players aren’t rushing in because of the cloudy fundamental...
Read MoreRange mode at the mid-day. Of course, anything goes with high directional volatility and commensurate OpEx...
Read MoreWith QE2 finished we finally had a classic failed bounce. After the early August collapse and the recent low-volume bounce, we rolled over on continuing Euro Bank woes, lousy economic data, and poor earning guidance....
Read MoreSome deja vu this morning as the NYAD collapsed to .02 readings before rebounding to the current .05 ( a little gallows humor there). As might be expected, the VIX has jumped 30% and the VXX is up 15%. After almost 3...
Read MoreVery bad economic news flow and rumors of European banks requiring overnight loans have markets down big and the VIX +30%. While that is reeling in, internals are SO overwhelmingly negative I’m neutral on intra-day...
Read MoreTuesday and today seemed like days the market could have fallen apart, yet we didn’t. We closed within points of yesterday’s close but reversed sharply from the morning high espedially on the NASDAQ. We...
Read MoreAfter falling off our a.m. highs, price has found short-term support at the daily SPY pivot. We have also seen a supportive volume spike on the decline, we’ll see.
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