Today looks simply like the pause that refreshes after yesterday’s barn burner upside move in the sp500. Sometimes the best signals the market gives us come from tape action that does NOT occur as opposed to what actually happens during the day. What did not happen today was a significant ‘give back’ of yesterday’s substantial … Read more
I went long China Ming Yang Wind Power Group Ltd yesterday at 10.68. I don’t usually bother much with IPO stocks but this one seems to have a good setup. It hit a higher low and RSI came down near the 30 range and it was clearly in an oversold stance. I am looking for … Read more
Today the sp500 showed a serious sign of strength and rejection of the 1170 level. I talked about this level in yesterday’s post as being important in terms of support and possible handle support of a very large cup and handle pattern. Today created a bullish triple P in the MACD histogram which would be … Read more
For the very short term outlook there may exist a modified version of the bullish harami cross candlestick pattern in the sp500. This occurs when one sees a long body down candle and then a doji on the next day that is fully engulfed within the previous day’s candlestick body. We did not exactly achieve … Read more
The PowerShares QQQ Trust, Series 1 ETF took a major hit today on above average volume. The QQQ has managed to get into a deeply oversold level and is sitting at some important supportive ranges that should create some sort of bounce tomorrow and maybe the day after as well. Similarly the DJIA broke below … Read more
I may have been a bit too quick with the trigger finger today switching back to long signal on the sp500. I will switch back to short signal if the sp500 gets a decisive close under 1194. Today we had a reversal after early gains. It was not an extreme reversal or a super bearish … Read more
I just went long AGM Federal Agricultural Mortgage Corp. at 15.46. I like the longer term chart setup, the recent breakout on confirmed high volume above the previous swing high and the recent tape action. Generally speaking I think there is a lot of promise in the agriculture sector going forward and feel that AGM … Read more
I am making a quick decision to switch back to a BOT long signal from 1206 in the sp500. I think we are going to tread higher from here again and my take is the market will take advantage of the recent oversold levels to press higher. The DJIA looks like it has done a … Read more
Like a dog needs a bone, like a river flows to the ocean and like the sun comes up every morning the E Mini S&P500 Futures are trading up by about 4 points this Sunday night 11/14/2010. It seems like a trader could make millions just going long the S&P Futures right when they start … Read more
In other words it is not easy to get this market to decline more than 1 or 2%. Only a couple days after I issued a BOT Short signal the decline so far is a very meager one that is really slow on the tape. To get this market to decline more than 1 or … Read more