Posts Tagged ‘indexes’

Time To Short The Indexes?

Updates on the index charts and Google, courtesy of David Grandey. – Ilene

Time To Short The Indexes?

All About Trends

We wanted to take a few minutes tonight to fill you in on a little index action that we are seeing develop.

First let’s take a look at the short-term index charts.







With each of the charts, you can clearly see they all have that same look:

1. All are pushing resistance aside from post-Fed knee jerk reaction.

2. All have that abc down of A (Oct. Lows)

3. All have that ABC up (thru today) of a Potential B

4. All have a PINK Pullback Off Lows line which is the opposite of a bullish Pullback Off Highs pattern.

A POH is a Pullback Off Highs LONG Side set up and a POL is a Pullback Off Lows SHORT Side set up.

Don’t get Elliott Wave? ABC’s? No matter, all you need to know is support-resistance and those Pink Lines. At this moment in time any break of the pink line sets up a short sell in the indexes with a break into new highs being a stop. For us? We will continue to focus upon the issues that have broken uptrends and are backtesting those trendline breaks.

NOTE: Do yourself a favor and get used to what Pullback Off Low patterns are because when this bear market rally truely ends it will be the only game in town. You can find out more about this pattern here.

One additional note about the above charts. As you can see from today’s peak you have the makings of a nano pullback off highs pattern. This means they could gap up up tommorrow to test the highs of today or a retest of the post-Fed emotional highs. If it happens then don’t be suprised. It would also be a double top at that point too which is the first sign of a change in trend from up to down.

In Summary: Those pink lines are all you need to know. A solid break sets up a potential C wave down to the Oct lows if not farther. BUT we’ll take it one step at a time.

While on the subject of double…
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Dave’s Daily

MARKET COMMENT

Dave Fry’s ETF Digest, May 11, 2009

This image again?!? Yeah, well it’s another one of those Mondays. We’ve had a bunch of them over the past two months. Thereafter the pattern has been for dip buyers to appear making everything well again. One of these days (this day?) the down mood will stick. Until then we’ll just have to see how things work out.

If you’re bullish the light volume today might encourage you. It sure was a tale of two markets with the NYSE being decidedly weak while the NASDAQ was stable.

I could do more today but given the light volume I’ll defer for now.

Portfolio equity levels have been moving in big chunks in both directions. This makes folks nervous and may indicate a top of some duration developing.

The Fryguy has landed in Baltimore. We’re fortunate to have rented a great place in the woods of Mt. Washington. It’s really quite a sanctuary and is perfect for the challenges ahead. Our son is driving across country from California and is currently pushing through Tennessee while our daughter is down the road in DC. Francie is awaiting a date for surgery as coordinating medical staff schedules is a challenge.

So many people have written and sent their good wishes to our family and Francie in particular. Many wish to follow along with this but this isn’t the purpose of these postings. She has created one for herself and it’s good. If you wish to follow: http://fflanikai.wordpress.com/.

Now let’s see if there’s a Turnaround Tuesday in Mr. Market’s quiver.

Disclaimer: Among other issues the ETF Digest maintains positions in: SPY, VTI, MDY, IWM, QQQQ, XLI, XLB, XLY, IYR, IEF, TLT, UDN, DBC, USL, UNG, XLE, DBA, MOO, XME, EFA, EEM, ILF, EWJ, EWZ, IFN and FXI.

The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.
 


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Phil's Favorites

Why do people believe con artists?

 

Why do people believe con artists?

Would you buy medicine from this man? Carol M. Highsmith/Wikimedia Commons

Courtesy of Barry M. Mitnick, University of Pittsburgh

What is real can seem pretty arbitrary. It’s easy to be fooled by misinformation disguised as news and deepfake videos showing people doing things they never did or said. Inaccurate information – even deliberately wrong informatio...



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Members' Corner

Why do people believe con artists?

 

Why do people believe con artists?

Would you buy medicine from this man? Carol M. Highsmith/Wikimedia Commons

Courtesy of Barry M. Mitnick, University of Pittsburgh

What is real can seem pretty arbitrary. It’s easy to be fooled by misinformation disguised as news and deepfake videos showing people doing things they never did or said. Inaccurate information – even deliberately wrong informatio...



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Zero Hedge

Easily Overlooked Issues Regarding COVID-19

Courtesy of ZeroHedge View original post here.

Authored by Gail Tverberg via Our Finite World,

We read a lot in the news about the new Wuhan coronavirus and the illness it causes (COVID-19), but some important points often get left out.

[1] COVID-19 is incredibly contagious.

COVID-19 transmits extremely easily from person to person. Interpersonal contact doesn’t need to be...



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The Technical Traders

Gold Rallies As Fear Take Center Stage

Courtesy of Technical Traders

Gold has rallied extensively from the lows near $1560 over the past 2 weeks.  At first, this rally didn’t catch too much attention with traders, but now the rally has reached new highs above $1613 and may attempt a move above $1750 as metals continue to reflect the fear in the global markets.

We’ve been warning our friends and followers of the real potential in precious metals for many months – actually since early 2018.  Our predictive modeling system suggests Gold will rally above $1650 very quickly, then possibly stall a bit before continuing higher to target the $1750 range.

The one thing all skilled traders must consider is the longer-term fear that is build...



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Kimble Charting Solutions

Precious Metals Eyeing Breakout Despite US Dollar Strength

Courtesy of Chris Kimble

Gold and silver prices have been on the rise in early 2020 as investors turn to precious metals as geopolitical concerns and news of coronavirus hit the airwaves.

The rally in gold has been impressive, with prices surging past $1600 this week (note silver is nearing $18.50).

What’s been particularly impressive about the Gold rally is that it has unfolded despite strength in the US Dollar.

In today’s chart, we look at the ratio of Gold to the US Dollar Index. As you can see, this ratio has traded in a rising channel over the past 4 years.

The Gold/US Dollar ratio is currently attempting a breakout of this rising channel at (1).

This would come on further ...



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Insider Scoop

68 Stocks Moving In Friday's Mid-Day Session

Courtesy of Benzinga

Gainers
  • Trans World Entertainment Corporation (NASDAQ: TWMC) shares climbed 120.5% to $7.72 after the company disclosed that its subsidiary etailz entered into a deal with Encina for $25 million 3-year secured revolving credit facility.
  • Celldex Therapeutics, Inc. (NASDAQ: CLDX) fell 39.8% to $3.1744. Cantor Fitzgerald initiated coverage on Celldex Therapeutics with an Overweight rating and a $8 price target.
  • TSR, Inc. (NASDAQ: TSRI) gained 36.2% to $8.17.
  • ...


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Biotech & Health

Deep learning AI discovers surprising new antibiotics

 

Deep learning AI discovers surprising new antibiotics

A colored electron microscope image of MRSA. NIH - NIAID/flickr, CC BY

Courtesy of Sriram Chandrasekaran, University of Michigan

Imagine you’re a fossil hunter. You spend months in the heat of Arizona digging up bones only to find that what you’ve uncovered is from a previously discovered dinosaur.

That’s how the search for antibiotics has panned out recently. The relatively few antibiotic hunters out there ...



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Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

 

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...



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ValueWalk

What US companies are saying about coronavirus impact

By Aman Jain. Originally published at ValueWalk.

With the coronavirus outbreak coinciding with the U.S. earnings seasons, it is only normal to expect companies to talk about this deadly virus in their earnings conference calls. In fact, many major U.S. companies not only talked about coronavirus, but also warned about its potential impact on their financial numbers.

Q4 2019 hedge fund letters, conferences and more

Coronavirus impact: many US companies unclear

According to ...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Tuesday, 01 October 2019, 02:18:22 AM

Click for popup. Clear your browser cache if image is not showing.


Comment: Wall of worry, or cliff of despair!



Date Found: Tuesday, 01 October 2019, 06:54:30 AM

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Comment: Interesting.. Hitler good for the German DAX when he was winning! They believed .. until th...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.