Well the bulls ran out steam, at least for today, as all the indices were down slightly except for the DJIA which was up 13 points. Oil was up nearly 5% today in what could be another leg up. Gold continued higher and the biotech sector got smashed again.
So even though there was a pause in the indices, there was plenty of action. In tonight’s Weekday Market Wrap video I look at what the price action, combined with our indicators, is telling us now. Continue reading
The bulls were clearly in control today, building on the move made on Friday. Since the low on Friday, the DJIA has risen 763 points and the SPX 93 points. The market is now very overbought. In fact the most overbought reading of the year.
In tonight’s Weekday Market Wrap video I look at the possible Elliott Wave scenarios that may be playing out in the market. I also review FireEye (FEYE) which hit our 3rd target today enabling the closing of another profitable trade idea. Continue reading
The markets are still extremely volatile as the DJIA was down over 250 points at one point on Friday but closed up 200. A huge whipsaw day…enough to give anyone indigestion. The market was trying to digest the jobs report that was released Friday morning showing less than expected job growth and downward revisions to July and August.
This market has still not demonstrated the type of pessimism at a selloff low that was shown in 2011 much less 2008/2009. I talk about this in today’s Weekend Market Analysis video (below). In addition to our normal key ETFs that I review on the weekend, I add several more sector ETFs to look at a total of 10 broad sectors and 2 more specialized sectors. Continue reading
Photo by Flasshe
The DJIA was down 12 points today but the other indices were up slightly. Bears won the morning but the bulls won the afternoon. And at the end of the day it was another doji candle indicating indecision/pause.
In tonight’s Weekday Market Wrap video I also look at the monthly charts of all the indices. I talk about what I am seeing in these charts. I also talk about two trade ideas on IBM and TWTR. Continue reading
Volatility continues in the stock market as all the indices had a big bounce today. The DJIA was up 235 points and the Nasdaq up 102 points. This move led to another low reading on the TRIN and I talk about this in tonight’s Weekday Market Wrap video. Also tonight I look at the German DAX, Shanghai Composite and the Hang Seng index. Continue reading
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