Archive | June, 2009
22 June 2009 – Deeper correction looking more likely
The World Bank put their stamp of disapproval on the global economy today sending stocks and commodities sharply lower. This comes in the face of our Dow Jones Transports non-confirmation warning a week or so ago. The US indices traded lower on very weak internals; the A/D recorded 82% down issues and 82% down volume. [...]
Continue reading...June 22, 2009 – Passing time
22. June 2009
Another day of nothingness for direction. The daily trend remains up. Momentum remains flat. It could go either way and we’re seeing setups come along in both directions. I’m not sure what will be the trigger at our end but the US has the Federal Reserve meeting on Wednesday that could give those markets a [...]
Continue reading...June 19 2009 – Weak Friday close
19. June 2009
The market tried to gain some upside traction today but failed to hold on. We’re not to know whether this is a lack of buyer demand or whether its a Friday afternoon covering event, in this case longs exiting before the weekend. Running my scans tonight do not show any micro patterns of interest on [...]
Continue reading...June 18 2009 – Sidelined
19. June 2009
Weakness continued today led by RIO and BHP that combined accounted for most of the index falls. Some resource stocks bucked the down move but others, such as MCC, announced further capital raising exercises leading to weakness. I’m happy to stay sidelined until this immediate trend resolves itself. Momentum has been lost completely so as [...]
Continue reading...17 June 2007 – Pausing
18. June 2009
A pause session seen in the US with an initial selloff, a rally and then a close more or less unchanged. Price trend remains up on the dailies but momentum is now neither up or down; we’re in no-mans land right here and completely flat position wise. I will update the S&P charts tonight with [...]
Continue reading...June 16 2009 – Slipping through support
17. June 2009
The market has shown follow through to the downside and taken out the small ledge of support, but the major support stands at 879.0 basis the S&P 500. Any break thereof places us into bearish territory again and opens the way for further declines to fully retrace the advance off the March lows. The daily [...]
Continue reading...16 June 2009 – Bulls slapped back down
16. June 2009
Nothing like a bit of humble pie to shake the bulls up. A nasty day pretty much all round, especially with our favoured resource sector taking a fair slice of pain. I think such activity highlights a certain speculative element at play and possibly a nervous one as well. Two down sessions does not make [...]
Continue reading...15 June 2009 – Non confirmation taking hold
16. June 2009
The US markets got slapped last night, that Dow Transports non-confirmation we discussed in the recent alert taking its toll. We’re now back onto an area of support which if broken will lead to more sustained falls over the coming month. The key now is how price holds up in the coming days. A single [...]
Continue reading...15 June 2009 – Low volume pause
15. June 2009
Our alert on Saturday sounding a warning shot about the continued feasibility of the recent trend. The market is in a very overextended state and the US is failing to hold onto the small breakouts, although volumes over there are extremely low as the summer break takes hold. In these circumstances you can tighten stops [...]
Continue reading...12 June 2009 – Dow Transports Warning
13. June 2009
Back in early February we made mention that the Dow Jones Transports was breaking down to new lows, through the lows made last November, which was a bearish signal for the Dow Jones Industrials. Needless to say March was a terrible month. Going back a little further the 2007 highs were marked by what is [...]
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23. June 2009
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