It was an interesting trading day today. The confluence of setups Friday, the fundamental news this weekend and morning (swine flu, the flight in NYC), and today’s market activity are all part of the same puzzle....
Read MoreThe markets are reacting to the swine flu outbreak.At this point, it’s hard to tell how much impact it will end up having; for now, think of it like the SARS outbreak of a few years ago. It’s currently a negative for...
Read MoreStocks are higher, buoyed by earnings reports from American Express and Ford.Durable goods orders fell by 0.8%; this was better than expected.Existing home sales are out at 9 AM.Banks are supposed to get the results of the...
Read MoreThe Japanese Yen has had a good rally this month after forming a little double bottom around 9870. The red up trendline shows the rising bottoms at the rally has progressed. The past week has seen a series of tops...
Read MoreAfter peaking in February gold futures declined about 15%, largely reflecting expectations that the worst of the banking crisis and recession were near.Gold appears to have found a bottom, and higher prices may be coming. The...
Read MoreJune S&P:Momentum is neutral; we’re about in the middle of the recent range. The past few days have been choppy; there will eventually be a move out of here. June Dow:Bullish momentum; 7925 is resistance. June Treasury...
Read MoreStocks are lower. Morgan Stanley had a poor earnings report; Wells Fargo was a bit better than expected.Crude inventories are out at 9:35 Central time, no economic releases are out today. June S&P:Failed at the 847.50...
Read MoreI’ve written about stock futures twice in the past two days; there are lots of good things to pick up on in recent action. Let’s look at the S&Ps. (the chart for the NASDAQ and the Dow are very similar.) As...
Read MoreI’m writing a book on breakout trading; when I got to writing my rules for breakout trades I wrote “In general, don’t carry breakout trades home overnight. Breakout moves often reverse the move in the following...
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