Archive | August, 2009
August 20 – Another weak close
Another poor showing by the market. Early strength gave way to immediate selling pressure although some stability came in late in the day. Futures are trading at a 39-pt discount for September so still some bearish pricing being seen. Now we have two days running where strength could not be maintained, although this is no [...]
Continue reading...18 August 2009 – Holding
19. August 2009
I had a chat with a friend on Wall Street about price action in the last few days. He says that yesterdays weakness was generated by futures sell programs, but he also stated that there are many people sitting back waiting to buy the dip. The unanswered question amongst his peers was how far that [...]
Continue reading...18 August 2009 – A good recovery
18. August 2009
Quite a good day today all things considered after last night drop in the US. Flicking through the charts tonights shows many stocks reversed off their intra day lows and closed with a firm tone. We’re starting to get through more reportings but so far none have been excessively bad, in fact the moves have [...]
Continue reading...17 August 2009 – Near term high in place
18. August 2009
The Type-A Bearish Divergence we’ve been discussing kicked in with some force last night. The indices tanked 2% on the open but then traded flat for the rest of the session. This is the pause we’ve been waiting for, but we want it to trace out for a few days at least, if not a [...]
Continue reading...17 August 2009 – Downdraft has started
17. August 2009
WARNING! …is what we said on Friday and that the Type-A Bearish Divergence was at the forefront our analysis and today saw this pattern trigger and confirm. The best situation is that Fridays highs will not be penetrated again for at least a week, if not two and that the market will run sideways below [...]
Continue reading...August 14 2009 – Friday squaring
14. August 2009
WARNING! Type-A Bearish divergence is now at play on the dailies. The market jumped out of the gate early in the session but dribbled off intra day. We managed to stay ahead by 28-points on the close but it wasn’t a good close by all accounts. That said it was a typical Friday close after [...]
Continue reading...13 August 2009 – Holding
14. August 2009
Not a great deal to add here. Gains are holding once again. Price is more or less moving sideways which under the circumstances of an over stretched market is a very positive sign. We would like to see the market rest for a week or so so gather energy for the next leg higher. I [...]
Continue reading...13 August 2009 – What can I say
13. August 2009
Wow. What a day. The strength is unrelenting. Today saw price smash through wave equality levels meaning that if we keep going then we’re looking a the move off the March lows as a 5-wave impulse and not a larger 3-wave correction. What this means is that more upside is coming over the coming months. [...]
Continue reading...August 12 2009 – Coiling
12. August 2009
The market held itself together very well today considering last nights decline in the US. We started the day weak but on back of some better than expected earnings we closed in the black, all in all a very good performance. Even though prices are stretched it does appear we’re seeing the index in a [...]
Continue reading...August 11 2009 – The wanted pause
12. August 2009
Todays action was the first decent selloff we’ve had for some time, exactly the kind of situation we’ve been looking for. Chances are there is more to come, although if recent history stands true I may well be wrong. Prices started off weak, tried to pick up but sold off again into the close. Normally [...]
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20. August 2009
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