Last night, I said in this post that if the market could hold it's gains from Friday--perhaps test Friday afternoon's lows and hold, we would look for the market to push higher.  Friday afternoon's lows were an important level that needed to hold for the market to rally higher. This level did not hold.  In the overnight session, the S&Ps made new highs, but could not hold … [Read more...]

The sell-off on Wednesday had no follow through the next day.  Instead of falling further, the market dipped slightly lower on Thursday and then rallied back above Wednesday's low and back up into that day's range.  Friday saw continuation of the rally and a close back up into the upper third of last week's trading on light holiday volume.  The week ended on a positive … [Read more...]

Yesterday, the market rallied well and closed on its highs.  Normally, we anticipate that the market will follow through on this bullish behavior and reach for higher prices.  Today, it didn't.  Instead, it sold off dramatically.  You can see the strong move down on the daily chart posted below. How does a trader deal with a situation when higher prices are anticipated … [Read more...]

As discussed in yesterday's post, buyers exhibited strength over the past few days and higher prices were anticipated.  We saw buying come into the market after a brief morning reaction today - typical behavior in a bullish advance.  We can anticipate follow through on today's gains tomorrow.  Resistance is lodged at the 1289-1305 area, and I am anticipating that the market … [Read more...]

Well, we finally made it out from under the power outage of the century!  We were without power or water for seven days.  Near the end of last week, Helen and I couldn't stand it any longer and just had to get away.  So we took off to New Hampshire for some last fair weather hiking before winter sets in.  We are already seeing snow and ice on the higher summits, … [Read more...]