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 latest trade ideas video is posted below. In today’s video I review trade ideas that were closed last week on CAT, BABA, SCTY, NFLX and SNDK. I then review open trade ideas on IBM, KORS, WFM, FEYE and TWTR. Watch list is also discussed. 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
Well, the much talked about Fed meeting is underway and concludes with a decision on interest rates tomorrow at 1pm CT followed by Fed Chairman Yellen’s news conference. I still believe we are correcting the big move down. The market is now as overbought as it was on July 16. I talk about this in the video below. Continue reading
The market was getting very compressed, as I discussed yesterday. Today some of that pressure got released. But I don’t think this a lot for bulls to celebrate.
Patterns haven’t changed. The market is still fighting some strong downward momentum. And the S&P 500 is in a solid resistance zone.
Also China’s Shanghai Composite Index took another hit. I go into all this in the video below where I also look at FEYE and TWTR. Continue reading
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