Archive | July, 2009
21 July 2009 – Dow Hits new highs
The S&P 500 closed firm after a weak start, but smaller cap stocks and banks lagged. The Dow Jones Industrials is into new high ground but the Dow Transports has not made new highs as yet and actually closed a little weak. It will be important confirmation to have the Transports make new highs. Back [...]
Continue reading...July 20 2009 – Continued strength
21. July 2009
The market is making a strong statement – 5 positive days in a row, several of which have been powerful. I continue to contend that this strength, both here and in the US, in the face of earnings season is an even more potent signal. That said volume here today was very low and next [...]
Continue reading...July 17 2009 – A quiet end
18. July 2009
A quiet close to the week as the market posted a tight range albeit with a weak close. The now important hurdle of 4078 is within striking distance but I would suggest todays pause had more to do with some position squaring after this weeks surge and ahead of the weekend. Next week will begin [...]
Continue reading...16 July 2009 – Gains holding
17. July 2009
A flat start to the US session but prices rallied into the close continuing up appearances. I am slightly concerned that we have come a long way very quickly, but we should also remember that price has been tossing back and forth within a tight range for several months. When the breakout comes it will, [...]
Continue reading...16 July 2009 – Weekly trend shifts
16. July 2009
Another big up day with solid clearance of the 3947 level with ease. A few stocks jumped out the gates but gave way to profit taking which does cause some concern, but I guess this market has come a very long way in just a few days so profit takers were bound to come in. [...]
Continue reading...15 July 2009 – Wave-5 up now underway…
16. July 2009
The trigger point for the Head & Shoulders continuation was met last night after a super surge higher. This males 3 solid days in a row but more importantly comes right into the earnings season. The strength last night was broad based and all internal indicators showed their bullish intentions. The next major hurdle is [...]
Continue reading...15 July 2009 – 3947 in focus…
15. July 2009
3947 is our level to watch for the continuation Head & Shoulders pattern to trigger. The high of the left shoulder on May 11 was 3841 and the right shoulder on July 1 was 3947. If we can bust up and through with some force in the coming days I think we’re being given a [...]
Continue reading...14 July 2009 – Not afraid of earnings apparently
14. July 2009
Wow. What a move. We discussed the possibility that the Head & Shoulders pattern was being keenly watched and when its so obvious we should expect a false break, at least initially. We also highlighted the Type-B bullish divergence here and the Type-A bullish divergence in the US of late. These are kicking in with [...]
Continue reading...13 July 2009 – Strong Internals
14. July 2009
A very strong session today, not only in terms of price but also the markets internals. 90% of volume traded to the upside and although volume itself was still relatively light a 90% day is a defining measure that must be taken on board. A single day does not make a new trend but its [...]
Continue reading...13 July 2009 – Bottom of range in focus again
13. July 2009
The market took a turn for the worse today signaling that the bearish Head & Shoulders pattern is still offering itself as a strong contender for breaking the longer term range. The lower boundary of that range has now come back into focus so we’re alert to the bearish facts should 3710 be challenged in [...]
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22. July 2009
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