Tag Archive for '52-week'

Wild Week…so far

Published on May 26, 2010, 9:31 pm in Opinions and Trading. Closed Tags: , .

The markets started out to be a great start to a great day. But, all of a sudden, the sh!t hit the fan! What was that all about? Wednesday turned out to be another Monday. Ay least this time I wasn’t in there hoping I was out. 8O

A/D volumes were so strong most of the day…the NYSE A/D volume was averaging like +7:1. But after that closing hour we were at 1:1…that sucked. All the indexes were making new 52-week highs but still not very impressive with a close like we had. All the new highs were made earlier in the day. :(

52-week highs look like they’ve been basing for a couple of weeks now. I hope today wasn’t a false alarm!

The S&P futures have criss-crossed the cash SPX a couple times today. The June futures contract has only 3 more weeks of life and the September contract is slowly but surely picking up in volume. It would be interesting to see the futures get ahead of the cash…and pull it up. After hours now, futures are way below the cash close.

Big day tomorrow with GDP and Jobless Claims in the morning. But they may not matter. The European Central Banks need to do something…like maybe reducing interest rates, to save themselves…and they better do it soon.

Volume may start dwindling as we head into the holiday weekend. And while we’re at it, make sure you thank family and friends of those that have given their lives just so we can do what we do! Peace.

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Unbelievable….really

Published on April 19, 2010, 9:03 pm in Opinions and Trading. Closed Tags: , , , .

If you told me this morning that the Dow was going to end up 70+ points, I would have called you an ass. Turns out it was me…I mean the ass part. Unbelievable that the Dow made a 120 point u-turn! The S&P had a similar strange day. GS made a crazy u-turn also. The Russell had some semblance of sanity closing in the red.

The big trading volume was still on the downside, as was the advance/decline line and the A/D volume. The new 52-week highs today was way low for all indexes, turning both the 5-day and 10-day moving averages downward. So we had the lowest number of new highs and the highest number of new lows. Click on the chart to see it bigger.

I took profits from TZA and also the SPY puts I was still carrying. I’m still holding some TZA because I was expecting some more downside follow-thru! Again, the move up was uncalled for. 8O

This week and next are the busiest earnings reporting weeks and this week has a lot of biggies, IBM today, AAPL and GS tomorrow. IBM had a good report but sold off afterwards. As I had mentioned before, I think the good reports are priced in so either good or bad they selloff. Here’s more good news: U.S. Bankruptcies Spike 35% in One Month

The details are an even clearer warning sign that both the “bottom” in the U.S. housing market, and the “job growth” reported by the Bureau of Labor Propaganda are nothing but the “smoke and mirrors” of private sector shills, and/or government propagandists – dutifully reported by the mainstream media-parrots.

Gives you the warm and fuzzies, don’t it?

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