IYR gapped down on Friday and  traded in the narrowest range of the past three weeks (25.20-26.08). It was unable to fill the gap – I take this as a sign of weakness. The trend is down and  volatility as measured by ADX is at very low levels on the daily, 60m,30 and 15minute time frames  indicating a [...]
AIPC has traded in the narrowes range of the last 7 days ((30.42-31.27) and is right in the middle of the recent trading range. A break of yesterday’s high or low after 10:00 will determine the next big move. yes I am talking out of both sides of my mouth but will wait and let [...]
Congress has just past a bill that retroactively taxes a small minority of people (AIG bonus recipients) This is truely pathetic. The reason they received the bonuses in the first place is that no restrictions were placed on the money given to AIG. This is what happens when our congressional leaders act in haste and do [...]
too fast too soon. Friday is a good day to lock in hard earned gains. The last time the S&P 500 was up three days in a row was Feb. 9 and that was a top – today should mark at least at short term top. Buying FAZ and expect to hold for two days. [...]
IYR traded in the narrowest range of the last 5 days (24.93-26.22) with 3 pushes up on the 60 minute chart. Has run into a confluence of the daily 20ema, two retracement levels and resistance in the 26 level. a M top/ double top on the intraday. Break of 24.93 and we should correct at [...]
THe ISEE equity P/C ratio just hit 1.0 Buy em if you can we go higher for a few days before the shit hits the fan again. We are extremely oversold by any measure. We should enjoy while we can. This is a very strange day- banks down/IYR down and the markets are rallying. Should [...]
looks like the whoosh down has started- still watching the ISEE equity put/call ratio. At 11:10 it had a reading of .63 still no fear. CBOE at 11:00 was showing .68 I still believe we need to hit at least 1.0 or higher. One good sign is that everything seems to be getting hit. Gold [...]
This market needs a flush out below 700 with a equity Put call ratio greater than 1.0 for at least two days before I would think about getting long. That and a VIX well above 60.
ISEE equity put/call ratio at a stunningly low .45 as of 11:10 too much complacency for the news that has been out the past two days. Market bottoms are not made when the public wants in. This afternoon will be interesting. If the gap holds we will obviously have a short covering rally – if [...]
Geitner, Obama, and Summers are proving themselves to be the three stooges of the Apocalypse. The stock market is about to show it’s confidence in the administration’s plans by breaking support and having a swift move below 700 over the next three weeks or so. This is proving to be the most anti business administration [...]
