Welcome new highs of the year. It didn’t take long. We’ll have a full recap this Sunday. As long as we continue to hold our long setups, we will remain in a long bias. Once a long setup is broken we can reevaluate and look to get short. As always though, if you are seeing profits in some of your long positions, now would be a good time to either scale out of a portion, or add some downside hedging…
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.
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.
Two things can happen from here, we either break through previous highs, or double top. Watch out for earnings this week.
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.
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…
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…
The market’s professional gap today was lead by the Semi and Bank Index’s. The NASDAQ posted one of the highest volume days so far this year, likely due to Intel’s earnings. We touched our 1205 target on the /ES and the next long setup would be 1196.75. Today we had a Put/Call ratio close of 0.56, a sign to get short, however we will still look to buy the 1196.75 level given the risk/reward of 4:1. Watch for a failure point of…