It seems that the market has finally begun to take a direction after trading in a range for about two weeks. Monday started a sharp sell off in SPY, opening at 94 and closing below the key 93 support level. Today we saw SPY briefly trade above 93 but quickly sell off to close the day at 91.66, breaking all … Read More
SPYs Holds Below 90
Last night I was hoping we would gap down near 90, get tested and hold so that we could have a strong day. I did get the gap I wanted and was trading lightly in premarket with the idea of buying into the gap. Unfortunately, the retail sales data at 8:30am was worse than expected and the SPYs traded cleanly … Read More
A Market Bottom Versus An Economic Foundation
One morning before work about a 2 weeks ago I switched from CNBC to Fox News to get a weather update. I was a little early, since Mike Woods usually comes on at about the 8th minute of every ten in an hour (6:18, 6:28, 6:38…) and I caught their quick daily business analysis. The lady reporting was ecstatic about … Read More
I’m Back
Glad to be back and trading. Keep an eye on HK today. It closed below its secondary price. If it shows weakness on the Open I will play the downside momentum. HK closed below the secondary price but it didn’t show extreme weakness into the Close. So I am looking for confirmation that HK will trade lower. Not a great … Read More