Economic Reports Due out (Times are EST): MBA Purchase Applications (7am), EIA Petroleum Status Report (10:30am), Beige Book (2pm) Premarket Update (Updated 9am eastern): Futures are slightly down Asian markets were up about...
Read MoreWe’ve reached a potential topping area on SPX for both the current move up and potentially for the wave C top if this move from the October lows has in fact been a bear market rally. If SPX was to top here or close to here...
Read MoreLet’s talk parabolic shorts because they are starting to pop up on this overextended market. The parabolic short is an excellent play for reward/risk because the downward moves can be so great! The ideal setup: 1) Straight...
Read MoreThe Daily charts below show near-term support and resistance levels for the Major Indices, as follows: Dow 30: Support = 12400 and Resistance = 12500 Dow Transports: Support = 5150 and Resistance = 5200 Dow Utilities: Support =...
Read MoreThe latest gap up has bought the market into another overbought condition with the PI showing a 68 which is above the oversold threshold. The market has remained in a near overbought condition for a few days now so some selling...
Read MoreEconomic Reports Due out (Times are EST): NFIB Small Business Optimism Index (7:30am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Wholesale Trade (10am) Premarket Update (Updated 9am eastern): Futures are up strong...
Read MoreThe NQ rising wedge I posted yesterday morning was a model example until after the close. The wedge broke down early in the day, retested near the close and then what should have happened is that NQ fell away from the retest....
Read MoreIf you read this site you have heard of the “Murder Cross” when the 70 ema crosses below the 230 a better play off the “Death Cross” which is the 50 day crossing below the 200 ema. This cross also works...
Read MoreYikes! Netflix just can’t stay out of the news. At least today it was a good announcement about their expansion into the UK. By now it is no surprise that Netflix has taking a bad bounce and dropped over half of its value....
Read MoreGoogle (GOOG) was downgraded this morning after an analyst at Stifel Nicolaus lowered their revenue and earnings estimates. While I don’t consider the news to be important at all (any upgrade/downgrade is done for...
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