Archive for the '• Stock Market' Category

$$ Market Report: Rebound Attempt II? $EUR $GLD

September 01st, 2010 Comments(0)

Morning Report: 07.45 London

Summary:

  • Stock market futures are indicating a positive start to the day after a weak session yesterday.
  • Chinese Manufacturing numbers came in slightly above expectations, while Australian GDP smashed estimates to come in at 1.2%.
  • The mood has shifted to glass half full again with the yen under pressure and the Aussie dollar in demand. The AUD/JPY is up 1.12% and the AUD/USD up 1%.
  • Traders are also taking some money off the table on the Swiss franc as the currency gives back some of yesterday’s gains. The EUR/CHF is up 0.44% and the USD/CHF up 0.15%.
  • Gold is still in demand, trading above $1,250 briefly this morning. Gold has closed above this level only twice before.

Markets this morning:



$SPX $SPY S&P 500 Chart Update, August 31 – Oversold

September 01st, 2010 Comments(1)

I still insist the general market is oversold and is due to go up. Here’s a chart showing what happened every time oscillators I use got to these oversold levels. Every time the market was higher. The duration of the upswing varied, but there was an upswing nonetheless.

Warning, it’s not a huge sample (1 year, 3 months) but good enough for my purpose.

Markets rally on US jobless claims $$

August 26th, 2010 Comments(0)
Market Report: 15.30 London

This afternoon stock and forex markets have extended their rally on improved US jobless claims.

As some skeptics note, the unemployment levels are still at elevated levels, just slightly less than previously thought:

“The economy is now losing just around 73k jobs per month instead of the expected 100k, truly a miraculous result” ? Zero Hedge

Nevertheless, after days of heavy selling on stock markets, the news is helping to fuel a rebound today. The FTSE 100 is up 0.8% while US markets are higher by around 0.3%.

The US dollar and Japanese yen are firmly on the back foot, though it should be noted that the third member of the safe haven trio, the Swiss franc, is holding up well.

$SPX $SPY Daily and Weekly Charts, August 18 Update

August 18th, 2010 Comments(0)

These are pretty self-explanatory. I believe S&P 500 has bottomed - clearly oversold on the daily. Weekly chart looks good, too.

As for the patterns, look at the daily – early May to present. Looks like an inverse Head-and-Shoulders. Another point in the bullish camp.

Click to enlarge

Daily

spx-daily

Weekly

spx-weekly

$$ Stock Blogs and Intermediate Market Bottom

July 11th, 2010 Comments(0)

OOPS Wrote this 4 days ago, forgot to post.

I haven’t been following many individual stocks lately (just (LYG: 4.46 0.00%)) and for the general market direction, I’m still using my favorite daily and weekly charts. — Will post charts during the week.

This year I took ‘sell/don’t buy in May and go away’ to heart.

Nothing interesting has happened with money flow in relation to market prices (NYSE Dollar Volume and Average Closing Prices).

My only source of information, or rather review and analysis, has been Gary Savage. In short, his opinion is that we’ve hit or are scraping an intermediate cycle bottom. This should give a good boost to the bull market. — Already happened.

I also diligently read Le Duc.

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