After the "worst December since the Great Depression" equities have recovered from their extremely oversold levels. The S&P500 posted a ~ 8% gain during the month of January. Since December 24 SPX has rallied almost 20% from 2350 back to 2800, with only 11 of the last 40 sessions closing lower than they opened. 2800-2817 … Continue reading Sell the News?
SPX Topping; a new lower high This week has been less exciting for equities as the major indices have failed to rally above last Fridays highs. As we look at the S&P 500 its easy to see that overhead resistance is becoming a large contributor to the days price action. Lets remember that in high … Continue reading SPX top, Treasuries and Dollar Rally subdue GOLD
Christmas eve posted a -2.06% day on the S&P500, when markets opened again on the 26th we closed up 4.43% (more than 100 S&P points). The DOW posted up 4.67% (+1,020 DOW points). Is this how we bottom? I don't think so. Since the Dec 26th intraday bottom of 2346 on the S&P, we … Continue reading The Ultimate Short Setup?