The sp500 futures are trading down about 7 and a half points so far tonight and spot gold is down about 12 dollars. Certainly not the end of the world, but I must admit I cannot remember any time during the last 6 weekends on Sunday night when the futures have been down this much. … Read more
I thought this was really interesting to listen to in case you have not already. It is the audio of an Sp500 trader quoting the action taking place in the futures pit in Chicago on May 6, 2010. Quite entertaining to listen to if you are into this sort of thing. YouTube Link On that … Read more
October has always been a very interesting month to me as far as the markets are concerned. The leaves change color and then just drop to the ground like a dead weight. Strange isn’t it how the markets sometimes seem to do the same during this famous month? But we are already 2 weeks into … Read more
Sorry for the late post today. I have a lot of interesting things to say about the action that closed out this second week of October 2010. But instead of trying to force it in rush fashion into this post, I would rather review some more charts and try to assemble some type of more … Read more
The gold price may have put in a intermediate term peak for now. I am not saying this is the final peak by any means, but more of an intermediate term peak as I am seeing a bearish divergence between RSI and the gold price. Also at issue is the recently discussed US Dollar Index … Read more
I just looked at the charts of some of the major banks such as JPM, BAC, and C along with the XLF and the picture is not looking too pretty in terms of the volume picture. Very notable is the downside volume today on the XLF Financial Select Sector SPDR. Today we saw the heaviest … Read more
Despite me issuing a BOT Short Signal today I have to confess that by the close today there was no major sign of weakness in the sp500. On the contrary the market rallied to an almost unchanged close right in the last few minutes. If the sp500 closes above yesterday’s high of 1184.38 tomorrow then … Read more
Today I closed out the AIG January 40 2011 Calls for a 66% return. I do not like the shooting star in AIG right now and hammer reversal, not to mention the total collapse of the BKX Banking Index. Definitely do not want to be a pig at this juncture. Plus I have to admit … Read more
I am switching to a BOT Short Signal right now at 12:06 PM Eastern time at 1173.20 on the sp500. I am seeing some possible cracks in the foundation of the current uptrend and I think it is prudent to be cautious at this juncture. The NDX is hover right at its 2010 April highs … Read more
DryShips Inc. is starting to shape up quite nicely for a possible northward breakout above the all important 5.0 level. DRYS appears to be completing a small handle formation of a cup and handle pattern. What I like MOST about DRYS is that fact that on 9/28/2010 DRYS had a 50 million share day that … Read more