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Wk02: Market Recap
Week 2 produced sideways action, however we are starting to see volume and intraday playable price swings come back into the markets. We are still in a clear uptrend and see a flood of stocks making new 52-wk highs, are hardly any stocks making 52-wk lows. A subtle mix of economic news and earnings leaves us in a holding pattern looking to continue on higher.
Wk03: Market Forecast
In the week ahead look for these news announcements to act as potential market movers… A few important economic numbers this week as well as continued earnings announcements should make for a good week of trading. The VIX remains at its lows and as the saying goes “when the VIX is low, lookout below.” As we all have our own bias and predictions as to where the market is headed, it is important to have a “plan B” in place…
Watchlist Update
With a hanging man pattern on the daily SPY chart, the week started off with a bearish tone. As discussed in prior posts, we like to wait for confirmation when entering and exiting a trade. Our entry “confirmation” long is simply a break ABOVE the prior day’s candle (setup candle), and vice versa for shorts (break BELOW prior day’s bearish candle). In the case of a gap up (as was Monday’s price action), we wait for a break ABOVE the…
Wk01: Market Recap
The markets started off the year on a bullish note. Could this be setting the tone for 2010? We have some room to move higher before hitting some major resistance (prior support). The S&P was the strongest of the top line figures in week 1, but all four indices moved higher. The VIX has broke down to new 52-wk lows and we are looking for volatility to remain low throughout 2010 (at least relative to 2009).