Opposites continue to prevail, down days versus up days, gold/reflation versus rising stock markets. I will go out on a limb this morning and say that within the next two days the stock market will take out last weeks highs…Continue Reading →
I generally reject the obvious choice, which today would be to sell out long positions and join the rest of the world in taking a pessimistic view of the automakers. So that answer should be obvious, don’t sell because of…Continue Reading →
You can reread our posts of this week. The market is up against a resistance level and has not been able to break through the 840 level on the S&P. The easy thing remains, take profits. For us this juncture…Continue Reading →
It is so easy to sell this market, we almost got involved in selling yesterday when we started thinking more about technical signals and profits rather than the underlying psychology of the market. The market is at an important juncture again and…Continue Reading →
Yesterday the market had kind of a text book light profit taking kind of day. It was not a big deal because there were not many traders with profits to take. Keep in mind that the sellers continue to dominate…Continue Reading →
The October 2008 momentum low day is important to us. Most markets had a big rally that day after making the lows early in the day. As such the closes for that day have upward indication significance. For the stock…Continue Reading →
The rally yesterday was impressive, what one does from here will now be the difficult part. To us there is no question that the 838 S&P low of October 10th 2008 looms as the big barrier at the moment. That…Continue Reading →
In general the Sunday NYT columnists brought Obama to task for a host of issues, even Maureen Dowd and Frank Rich. That is good. But things in Washington are generally going the right direction. We have said before that Senator…Continue Reading →
The fact that there remains an active seller bias means that while we are looking for an upside exit point on the stock market, the objective is probably increasing from the levels mentioned earlier this week. In the very short run,…Continue Reading →
Yesterdays Fed action means that we are closer to the end of this stock market rally than we were prior to the Fed meeting. Apparently the Fed didn’t get the message of the election that change was in the air. …Continue Reading →