Good morning traders. Big gap up in the market has us opening firmly above the previous week’s range in the market. We are now just a point in the SPY shy of the 52 week highs at 122.12 which should act like a magnet. Until this market shows us otherwise there is no point looking on the short side except … Read More
Morning thoughts for November 3, 2010
Good morning traders. SPYs trading up premarket near the rally highs. I am not getting excited about chasing the market at these prices as recent highs in the market have seen profit taking. I have also started to note that the rally is beginning to narrow, as individual stocks as a whole are starting to follow the movement in the … Read More
Morning thoughts for November 2, 2010
Good morning traders. Midterm election results are out later today and FOMC statement tomorrow. There are two main scenarios I am looking for today. The first and what would be the more usual, calls for a quiet trading day as the market waits for news. The second, less likely scenario would be a move to the upside in anticipation of … Read More
Morning Thoughts for October 21, 2010
Good morning traders, having some computer issues this morning so I asked Adam to share his morning thoughts from his daily market letter at www.themacroreport.com I will be on twitter highlighting some of my trades and my market view during the day. Follow me @ JoeP_SMB “Equity markets around the world have had nearly two months of smooth sailing—an easy … Read More
Morning Thoughts on October 12, 2010
Good morning traders, Futures have us opening about .3% down. Well over their overnight lows. Bigger picture the market seems to be wedging up, a pattern that usually resolves itself to the downside. In the intermediate term if the market holds under SPY 115.20 we should expect to see a test of SPY113.20. On the upside SPY117.60 is the next … Read More
Morning Thoughts on October 7, 2010
Good morning traders. Yesterday we saw a mark down of several of the leaders in the cloud computing area. Besides these stocks, the general market showed great resiliency consolidating the previous day’s gains. Yesterday’s action was pretty classic in terms of what to expect after a trend day, as I pointed out yesterday morning. For today I am going to … Read More
Morning Thoughts on October 6, 2010
Good morning traders. Big trend day up yesterday saw us close at rally highs. Typically the first half of the session after a trend day tends to be consolidation as the previous move is digested. Holding above 116.45 SPY should see some follow-through to the upside. I will be watching GS and XLF (which are finally starting to show some … Read More
Morning Thoughts on October 5, 2010
Good morning traders. Market continues to trade in the range I have been highlighting over the past few sessions. I am not really expecting a major break until the start of earning season when the market has some fresh catalysts. In terms of my trading strategy I am have been focusing on inlay stocks as these are the most likely … Read More