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The heavily anticipated GDP number came out much better than expected at 3.5% against a consensus of 3.2%. This set up a fairly uncommon uptrend day following yesterday’s down trend day. SPY regained all of yesterday’s loss but QQQQ and IWM are not confirming this at this point. Don’t be surprised if we Continue reading Stock Market Analysis: 10/29/2009 Fantastic down trend day with unrelenting selling pressure into the last minutes of the trading session. A lot of technical damage was done today especially in the Russell 2000 which has broken below its early October low. Most indexes broke below their 50-day moving average and numerous short-term long setups were broken. The Continue reading Stock Market Analysis: 10/28/2009 Tight range trading after a big down day yesterday which is very common. Although we finished near the lows, not much significant technical damage was made today. The market bounced off the 50% fib at SPY 106.1, a long setup and as expected, we did not trade below that level all day. The Continue reading Stock Market Analysis: 10/27/2009 What a day! Everything started auspiciously (for bulls) as buyers showed up right at the open and pushed the market higher. However, they were not able to print a higher high. A sharp and sustained selloff started during mid-day (USD hard bounce) and we broke the SPY 107.50 area everyone was looking at, Continue reading Stock Market Analysis: 10/26/2009 The market has been playing some tricks the last few days which could be part of a short-term topping process. Last Wednesday, we saw extremely bearish action in the last hour of trading which gave some hope to the bears. However, on Thursday, the follow-through was weak and we retraced back the entire Continue reading Stock Market Analysis: Weekend Edition 10/25/2009 Broad indexes opened right where they left off in the morning but were unable to break significantly below overnight lows. This caused a rally which has theoretically invalidated any short-term bearish case. Although a lower high is possible, it looks likely that we will at least retest the highs. Yesterday’s drop may be Continue reading Stock Market Analysis: 10/22/2009 What a day! A small market gap down was faded within minutes at the open as it should be expected. This lead to morning strength and a retest of the highs. Everything went horribly wrong at the close when a small pullback turned into a massive selloff into the close. The strength of Continue reading Stock Market Analysis: 10/21/2009 Some distribution occurred today after great earnings from AAPL and CAT (and many others). Distribution on good news can be a warning sign that some headwinds are ahead. Indexes gapped up but quickly retraced the overnight gap due to disappointing economic data (PPI showed outright deflation). The USD had a strong bounce today Continue reading Stock Market Analysis: 10/20/2009 |
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