{"id":573,"date":"2009-05-10T19:22:11","date_gmt":"2009-05-11T00:22:11","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=573"},"modified":"2023-08-03T23:03:54","modified_gmt":"2023-08-04T03:03:54","slug":"the-week-that-was-may-4-8-2009","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-week-that-was-may-4-8-2009","title":{"rendered":"The Week That Was: May 4 &#8211; 8, 2009"},"content":{"rendered":"<p>What a week for the bulls!\u00a0 Talk about a strong week.\u00a0 Right from the start on Monday morning, the market was bid up.\u00a0 It seems that all news is good news at this point, and above the resistance at 88, it looks like mutual funds have started buying into the move they missed off the lows, after the dismal year that was 2008.\u00a0 On Thursday we saw our first sign of weakness, but the release of the stress test results caused another spike up in the market on Friday.\u00a0 We closed right by the week&#8217;s highs, so we&#8217;ll have to see what happens at the 93 level this upcoming week.\u00a0 Above there I would be looking for the SPY to have a little bit of trouble at the 94.50 level.<\/p>\n<p>So let&#8217;s take a look at a few important articles from the week:<\/p>\n<p>An interesting <a href=\"http:\/\/www.ritholtz.com\/blog\/2009\/05\/dow-gold-ratio\/\" target=\"_blank\" rel=\"noopener\">chart of the Dow priced in relation to gold<\/a>.\u00a0 When you look at this chart, you see that priced in terms of gold, we&#8217;ve been in a bear market for the last 10 years.<\/p>\n<p>Some speculation on the possibility of the <a href=\"http:\/\/www.nakedcapitalism.com\/2009\/05\/andy-xie-if-china-loses-faith-dollar.html\" target=\"_blank\" rel=\"noopener\">dollar collapsing as the Chinese begin to move away<\/a> from it.\u00a0 As I&#8217;ve said before in this section, this is a long term fundamental shift to keep an eye on.<\/p>\n<p>A lot of chatter going around about the <a href=\"http:\/\/globaleconomicanalysis.blogspot.com\/2009\/05\/vanishing-credit-lines-for-consumers.html\" target=\"_blank\" rel=\"noopener\">vanishing consumer credit<\/a>.\u00a0 People with almost perfect credit scores are being denied credit.\u00a0 For a market that has rallied sharply on the GDP number which showed that consumer spending looks to be showing signs of life, this isn&#8217;t exactly what you&#8217;re looking for.<\/p>\n<p>A really good analysis on <a href=\"http:\/\/zerohedge.blogspot.com\/2009\/05\/more-observations-on-nyse-volume.html\" target=\"_blank\" rel=\"noopener\">NYSE high-low volume off the lows<\/a> compared to the 2003 bear market end.\u00a0 Something is odd when the high-lows have basically flatlined since the March lows.\u00a0 Furthermore, correlation is still running high in the markets.<\/p>\n<p>All traders are always seeking to improve.\u00a0 But we&#8217;re not always asking ourselves the right questions to get to that next level.\u00a0 Dr. Steenbarger has helped <a href=\"http:\/\/traderfeed.blogspot.com\/2009\/05\/focusing-on-trading-solutions.html\" target=\"_blank\" rel=\"noopener\">re-shape some problem focused questions<\/a> into solution focused questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What a week for the bulls!\u00a0 Talk about a strong week.\u00a0 Right from the start on Monday morning, the market was bid up.\u00a0 It seems that all news is good news at this point, and above the resistance at 88, it looks like mutual funds have started buying into the move they missed off the lows, after the dismal year &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-week-that-was-may-4-8-2009\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":167,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[30,18,301],"class_list":["post-573","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-prop-trading","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Week That Was: May 4 - 8, 2009 | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/the-week-that-was-may-4-8-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Week That Was: May 4 - 8, 2009 | SMB Training\" \/>\n<meta property=\"og:description\" content=\"What a week for the bulls!\u00a0 Talk about a strong week.\u00a0 Right from the start on Monday morning, the market was bid up.\u00a0 It seems that all news is good news at this point, and above the resistance at 88, it looks like mutual funds have started buying into the move they missed off the lows, after the dismal year ... 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