Daily Reflection: 04.22
Happy Earth Day. While we may have temporarily double topped in the /ES, look for new highs to be made very soon. Once we get a new high we can draw our next retracement level and look for an entry.
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Daily Reflection 04.21
Well, it appears we have put in a double top on the S&P, but let’s not speak too soon. The Russell broke to new highs today. Keep positions manageable during this time as earnings can whipsaw the market, especially at the open and close. A break below today’s low will confirm the double top on the S&P.
Daily Reflection: 04.20
Two things can happen from here, we either break through previous highs, or double top. Watch out for earnings this week.
Daily Reflection: 04.19
A nice little bounce in the markets today as the market digested the Goldman Sach’s news and Citigroup earnings. Above 1199 in the ES and we are bullish, a break below 1177 we are bearish.
Wk15: Market Recap
A nice rally was quickly erased last week on the Goldman Sach’s alleged fraud. In the larger picture we have not broken any trend line support and continue in a nice uptrend. However, the extremely large volume on Friday is concerning. We must remember that it is not the news itself that is important; it is the market’s reaction to the news that matters. The DOW remains over 11,000 and we remain in our trend, no need to overreact.
Wk16: Market Forecast
In the week ahead look for these news announcements to act as potential market movers… We are getting into earnings season once again and with the emerging news of the Goldman Sach’s allegations we could see more volatility in the week to come. On the news front Thursday and Friday are the major days this week. Our target on the S&P remains $1228, but if we break $1186, then we do have the possibility of going back down to $1121.
Daily Reflection: 04.16
Wow. Lofty allegations from the SEC towards Goldman Sachs hit the wire today sending the markets lower. The question becomes, is it the news or the technical patterns that actually move the market? I believe it is the news that acts as the catalyst for the technical traders to confirm their theory. Extremely high volume today, however the DOW still managed to close above 11,000 and on the bigger picture we are simply at a “healthy” pullback point. Look for…
Daily Reflection: 04.15
Tax Day, have you made your max IRA contribution for 2009? 6 straight days up and only 2 down days in the past 3 weeks on the S&P, this market is on a tear. Closing a portion of swing trades at these levels would be a great way to lock in profits, but still allow for more gains to be had if we continue to move higher. Tomorrow is options expiry and could be a little wild in the morning as…