Last week produced a fairly narrow range of trading.  The first three days of the week saw low volatility, while Thursday and Friday saw activity pick up.  Despite the end of the  week jump in trading activity, only the Dow pushed above last week's highs. Comparative Strength & Weakness: Current Market The chart for this post is a weekly chart of the S&Ps, Dow, and … [Read more...]

The anticipated pullback came and went quickly yesterday.  It was short-lived and ended in a spring of Tuesday's low for good two-way trading.  I suppose the seasonals and all the news are having their influence. In any event, here is a 27,000 Tick chart of the last few days.  The market is hanging right below resistance this morning.  This is potential absorption.  We will … [Read more...]

I'll be doing a free webinar at Big Mike's Trading Forum.  I am not too much a fan of trading forums in general, given some experiences I have had on them, but Big Mike's is truely different.  I like it.  His approach is about high quality content without a lot of the extraneous drama you get on most forums.  It is one of the very few (only one?) I can recommend to traders.  … [Read more...]

I mentioned in my last post that I viewed the market as running out of gas (temporarily) and expected a pullback.  I still do. The morning opened with a small drive down and on good volume, indicating supply.  About an hour later, we get an upthrust, but it didn't give much.  We remained range bound through the rest of the morning and into the early part of the afternoon.  … [Read more...]

Helen and I have been on a little vacation taking time off from the blog for some early winter hiking in New Hampshire.  Thanks to all who wrote in saying they missed the blog. After a good strong rally, it looks like the S&Ps will try for a pullback.  You can see on the daily chart (not shown) that it has been hard making upward progress after the big up day on November … [Read more...]