Archive | June, 2009
June 29 2009 – Quietly firm
Another quiet summer trading session for US markets and still we stay stuck in a range. There are some interesting technical points on the chart that we’ll discuss in more depth tonight, suffice to say that the main point of reference is 888.5 basis the S&P 500. This week has employment data being released on [...]
Continue reading...June 29, 2009 – Financial Year end in sight…
29. June 2009
A very quiet session locally but weakness seen in the resources sector. Tomorrow marks the end of the Financial Year, the worst performance in a financial year since 1982. Combined with last years financial year drop, the two cumulative represents the worst on record, just in case you were wondering why its been tough. If [...]
Continue reading...June 26 2009 – A flat week
27. June 2009
At weeks end the S&P 500 lost 3-pts for the five trading sessions, albeit taking a sizable dive on Tuesday and having a sizable rebound on Thursday. Although price hasn’t moved a great deal in terms of direction, we’ve been left with one positive technical signal and another developing bearish pattern. The positive technical signal [...]
Continue reading...26 June 2009 – 3 waves down confirmed
26. June 2009
A good day for the market and another that stands above the all important support at 3714. Today also produced another important technical signal; a penetration of the lows June 18. Why is this important? Because the move off the June 12 highs was a clear 3-wave pattern and todays upside push has confirmed as [...]
Continue reading...25 June 2009 – Watch the window dressing
26. June 2009
The support levels we’ve been discussing held well last night with price reversing sharply higher in what was suggested by the media as a confidence vote for Fed Chairman Bernanke. I’m not so sure – we have the end of the financial year coming up in a few days and we may be seeing some [...]
Continue reading...25 June – A solid up day
25. June 2009
A solid performance today by the local market, supported by positive comments last night by the IMF, OECD, the announcement of China’s biggest ever acquisition of Canada’s Addax Petroleum and quite possibly a late buying surge into Financial Year End by institutions. Todays gains were also well supported by US strength during the futures night [...]
Continue reading...24 June 2009 – Fed reversal
25. June 2009
Not only are the indices stuck in a range but now they’re also diverging to some degree. The NASDAQ showed some good strength last night whilst the Blue Chips struggled. The NASDAQ has shown the more impulsive patterns off the March lows but more often than not its the Blue Chips that set the agenda. [...]
Continue reading...June 24 2009 – 3714 under the microscope
24. June 2009
The market did okay today, initially selling off but then making some lost ground back into the close. The important level to watch stands at 3714. a penetration down and through suggests a much deeper decline will commence, possibly as far as the March. However, as we stand above that we’re in neutral territory and [...]
Continue reading...23 June 2009 – Watching S&P 500 @ 879.0
24. June 2009
An expected pause day after yesterdays steep drop but the outlook remains the same. The important level, the ‘hold or fold’ level is 879.0 basis the S&P 500. A stiff break down and through will place the market into a deeper retracement trajectory and short positions should be the order of the day. A push [...]
Continue reading...23 June 2009 – testing 3700 support
23. June 2009
The market got walloped today and if nearby supports break we will most likely fall a lot further in the coming month. We need to remember that the market has come a long way and without any significant pause. As much as we like price to travel higher without hiccup, its an unrealistic expectation. As [...]
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30. June 2009
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