The opening yesterday in Stocks must have had closet bears thinking that a challenge of the 2100 level in the S&P 500 was in the making. But, the market firmed and rebounded and the Bear went back into his hole. Now I do not know if this means six more weeks of a bull market, […]
We continue to see a divided market in terms of Short-term breadth indicators. The amount of advancing stocks is starting to plateau versus stocks pulling back, which is bearish. But dips are being nibbled, especially in highly desired names, on any pullback. This could explain the choppy action and why we have not slipped into […]
Definitely some broad based selling pressure in all the major indexes. Most of the index ETFs that we follow was down roughly 1 percent. The Consumer Discretionary ($XLY -.71 percent) and the Utilities ($XLU -.63 percent) were really the only sectors that were not down a percentage. The Regional Bank ($KRE) held up relatively well […]
Last week we had the S&P 500 ($SPY), Nasdaq ($QQQ) and the Mid-Caps ($MDY) all confirm new highs. But we have yet to see the Small-Caps ($IWM) confirm. At this stage, I may put up a yellow flag on the current trend of the market. But I am hesitant for two reasons. First, three out […]
This has been a frustrating market to say the least. The S&P 500 ($SPY) hit new highs this week but still remains in a choppy uptrend. Most days the large-cap index just chops around unchanged, or at least that is how it feels. Yes it is hard to buy the trend at this stage, but […]
Yesterday I received an offer from a competitor of my current cable TV provider. Now I am not going to go into the merits of changing cable companies, but it did get me thinking about the space, and specifically what is going on with the cable and media stocks. I found an ETF that tracks […]
The S&P 500 ($SPY) has hit a new high but the uptrend trading continues to be choppy. The trend is your friend until support is broken, which would be at the $207 level on the $SPY. Tech ($QQQ) and Small Caps ($IWM) continue to move to the upside. The uptrend will stay intact until there […]
The Broad markets, $SPX & $QQQ, continue to break out to new highs with the semiconductors now joining the party. The $SMH, which is the semiconductor ETF, has broken out of a two-month consolidation. This now makes the resistance level of $57.30 the new support, finishing the day .02 off the highs at $57.58. I […]
Stocks had quite a week! While the S&P 500 ($SPX) started the week challenging $2090, it ended the week sky rocketing above $2115, hitting an all time high of $2123.80 in the process. These all time highs can make traders pause. But if the market wants the momentum to continue, we will need to see […]
Impressive move to the upside, but the Small-Caps continue to lag and are unable to break resistance I talked about yesterday, at $124. This does not mean that the market cannot continue to move to the upside, but it will be hard without cooperation of the Small-Caps ($IWM). If the small-caps ($IWM) continue to lag […]
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