Archives

Filter 

  • Close

    Greedy shorts got clobbered, the writing was on the wall with equity ISE in the 80's and yields dropping to 3.5%. NDX is back above 1150, after a scare to 1113, basically double bottoming off last week's low. Nov. 18 (Bloomberg) -- The U.S. economy would...
  • Closing session

    NQ hits 1119.50 and is in danger of retesting last week's low, which if you remember is the April 2003 close. Volume is still light. Op-ex is already treacherous enough, but on low volume it can be deadly. The VIX hit 72 resistance, which for the discipli...
  • PM update (2)

    The drop feels contrived. Average dividend yield today on the DOW is at 4.4%, the ten year note has dropped to 3.5%. ISE equity falls to 86. This is not a recipe for staying short, regardless of the news. Taking some scalp longs could pay off at some poin...
  • PM update

    ES goes down to test 853, which is a scalp buy. Target 855/856.25. This is still lunch, take those chips when they come. 853 is a key level, if we lose that, the 1pm turn could be bearish. The trade is exited at even (13:42). As we get closer to the turn...
  • Noon update

    Lots of chop but bulls hold on. In fact we could be setting for an up close if ES can hold 853/855 as the afternoon kicks in. ISE equity is at record lows (69/80), normally way too many shorts for any sustainable downside break.テつ General Electric'sテつ...
  • Pre-open

    The HPQ earnings release reversed what was a very dangerous break of テつOctober lows for NQ, now back above 1150. テつPPI, however, is terrible. It will be interesting to see if the markets can look past that. For now, NQ pivot at 1162 is still resistanc...
  • SPX long term update

    Looking at a 26 year chart of SPX, we cannot find a single instance of a monthly RSI reading this low. This is due to the extreme angle of descent the past three to four months, an absolute record. テつEven though it is fashionable to see no end in sight ...
  • Close

    Another lost day for bulls as we meander right above key support levels. ES tagged weekly pivot and rolled over. Last night's lows for NQ are very important going forward (1139.75), although there is a little room to 1136.75, the actual October low. The V...
  • PM update

    The test of lows holds and we get a reversal, stalling so far at 1188 for NQ, the regular hours weekly pivot (all hours will be 1195). VIX is at lows, support is lower at 64, so bulls have a go at pushing this higher. Watch ES 873 support on a pullback fr...
  • Open

    Overnight support was found at the 10/27 low for NQ (1136.75). The corresponding price for NDX is 1149 (see weekend wrap). ES has 5 dma resistance at 875. Remember that this is option expiration week. Nov. 17 (Bloomberg) -- Investors in the $591 billio...
  • NDX update: trying to build a base

    The NDX (Nasdaq 100) low on Thursday was 1109.89, right at the April 2003 close (1106). The battleground of support in October centered around the May 2003 close of 1197.89. This gives us a pretty good idea, even with the whipsaws, of where bulls are maki...
  • Close

    No follow through and not the kind of day bulls wanted to see. It is however the last day for redemption notices. Right after cash close, NQ dropped from 1177.50 to 1155, below Wednesday's close of 1163. I'll update with charts over the weekend....
  • PM update

    The VIX is helpful today, with the high right at former resistance (64.78) and support for the markets on a -2000 AD line day. NQ resistance is 1201, 1206 and 1211.75. I want every reader to put up a sticky note or reminder to not forget the 50 and 200 d...
  • Morning update

    No follow hrough as sellers come back after the dismal retail sales numbers. Although the important numbers start at Thanksgiving, the market is in no mood to be forward looking even on reduced estimates. NQ is back to battlong the 1190 level, support be...
  • Open

    ES 912.50 is going to be today's resistance above 904.25. For NQ, overnight highs was a hair above the 11/11 gap open (1238.25). But bulls must soon get a close above 1229 to inspire some sort of confidence in yesterday's reversal. One vague positive so f...
  • Close

    NQ drops a few points below monthly S1 (1115.75). The low was 1108.50, April 2003 close (there is no such thing as a random number in the stock market) and makes a very strong reversal into the close, ending the day at 1234.50, right above the close of 10...
  • Pre-open

    It is not as bad as feared, at least before the open. NQ is holding on to October lows, ES is actually green. NQ weekly S2 is at 1150 and we are at 1158. INTC is back abve the 13 level, resistance will be 13.37, the low last month. If there is a bounce,NQ...
  • Overnight session

    It's going to be a rough day tomorrow. It is another cycle turn, but it will be scary. Note monthly S1 for NQ at 1115, which will put us in the 27 zone for the Q's, a good spot to put some longer term buying in place, for those that still have the cash, o...
  • Close

    An ugly day got uglier, with the COMP closing under 1500 (1499.21) for the first time since 2003. The inverted head and shoulder did not confirm and the only hope bulls now have is a double bottom off October lows. The DOW is faring better, still 400 poin...
  • PM Update

    New lows, but this time the VIX is not confirming. This is the time of day when we get those fake rallies off a -2200 AD line day. ES 866 is now resistance as is NQ 1190. Next support for QQQQ is at 28.90.テつ...