As we expected, the stock market rallied up and out of the absorption area. Most of the advance came in the Globex trading hours prior to the US session open. Stock Market Rallies but can it Consolidate & Hold its Gains? Although the close was positive, it wasn't what we might normally expect on a break out. Volume was lighter than expected, as well. So now the … [Read more...]
Is the Stock Market Getting Ready to Rally?
Again we see the stock market dip down and then rally back up to close firm. I mentioned last night that the current market action is looking like likely absorption. It looks even more like absorption behavior after today's action. Ranges have narrowed, but you can see that the S&Ps have not given up any ground for the past five days. If the absorption is successful, we … [Read more...]
S&Ps Holding Gains
Last week, the S&Ps held just below the 1283.50 high put in during late October. On Friday, we pushed up briefly over Tuesday's 1280 high, but couldn't hold it. But, we didn't sell off hard on the reaction. I view this as likely absorption of the residual supply from the sharp August sell-off. Volume was light, however. You can see this on the weekly chart best. In … [Read more...]
S&Ps Continue to Push Higher
Happy New Year! Happy New Year to all our readers! Helen and I (and Asta, too!) are back from holiday. We had a great time spending Christmas Week and New Year's in northern New England. It is a wonderful place to enjoy the holiday season. Rally from Spring - No Sellers The market has not given up any ground since mid-December. Keep in mind that it was a Spring that ignited … [Read more...]
Happy Holidays!
The Holiday Season is here, and Helen and I (and Asta, too) will be taking a break going north for some skiing and snowshoeing. We would like to take a moment and thank everyone in our little community for all your support and encouragement over the past year. We wish you and yours a very memorable holiday season! We'll see you again in the New Year! … [Read more...]
