Archive | August, 2009
31 August 2009 – Month End
A big day of events for the local market that leaves a sour taste for the near term well being. I suggest we may have seen a high today and that the awaited correction we’ve been looking for over the last few weeks may have started. Today saw a lot of shenanigans take place with [...]
Continue reading...28 August 2009 – Watch for weakness
29. August 2009
There remains significant technical weakness in the charts of the major indices. These have been in place for a week but they also start at the forefront of concerns. We’ve spoken of the various divergences but we now also have 3 red alert bars. These pop onto my chart when price has extended beyond 2-standard [...]
Continue reading...August 28 2009 – New Setups
28. August 2009
A number of new setups tonight most of which are momentum based. Also, in tonights ASX-200 (XJO) review I’ve taken a closer look at the comparisons of the current advance off the March lows to that of 2003 which are number of brokers are quoting. Its an interesting story, albeit one I’m not entirely convinced [...]
Continue reading...27 August 2009 – Watch the US divergences
27. August 2009
An alert was sent out this morning warning of ongoing divergences, in todays case that between the Dow Jones Industrials and the Dow Jones Transports. This one has served us well in the past so its worthy listening to it again. It by no means portends the depth of decline but when we saw the [...]
Continue reading...26 August 2009 – High Alert
27. August 2009
We now go onto high alert as we have several divergences occurring over various technical fronts. We’ve discussed the standard divergence we always use and we’ve touched on the momentum divergence. We also now have significant divergence occurring with regard to the Dow Jones Industrials and Dow Jones Transports. Last night the Industrials managed to [...]
Continue reading...26 August 2009 – Strong volume
26. August 2009
A strong day today based on price action, close and volume. Volume was particularly strong and word is that institutions have been (1) caught overweight in cash and (2) caught by the earnings results. They are now playing catchup. There has also been some corporate activity, i.e. takeovers such as SGX and FLX and this [...]
Continue reading...24 August 2009 – Slow Trading
25. August 2009
A day of consolidation and a positive considering the move into these new highs. I remain very wary of the Type-A Bearish Divergence showing and in fact we now have the same bearish divergence showing on the momentum indicator. The last time we saw it there was back on the June highs before the market [...]
Continue reading...24 August 2009 – Great catchup after Friday
24. August 2009
We stated on Saturday morning within the US Power Setups comment that Australia would have a significant day of playing catchup. We weren’t disappointed. China had closed the day higher after the ASX closed and then the US came through with some more positive data and away we went. The Chinese markets had another strong [...]
Continue reading...21 August 2009 – Homes sales rescue
22. August 2009
Home Sales data ignited the market right from the open to see the highest close since the March lows. By the time the US session started China had closed +1.7% meaning that Australia will play significant catchup come Monday morning. We can’t dispute the trend here and we can’t fight it. At this stage we’re [...]
Continue reading...August 21 2009 – Divergence take its toll
21. August 2009
The market got thumped today mainly because China announced that it was reeling in the lending criteria by banks. There is even suggestions that banks need to sell shares to lift capital adequacy ratios. This was enough to spook local traders but it also comes hot on the heels of the weakening technical patterns being [...]
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31. August 2009
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