Archive | November, 2009
17 November 2009 – Resources leading the way
The market started with a strong lead from the US and commodities but again banks came under pressure and the market dropped 75pts from its early highs. We discussed the ‘sell banks/buy resources’ last night and again that was the order of the day today. The resource sector got good support from commodities overnight as [...]
Continue reading...16 November 2009 – Transports closing the gap
17. November 2009
The US Dollar continue to slip and the further it drops the more supportive for stocks. Another positive last night was the continued closing of the divergence gap between the Dow Jones Industrials and Transports. The DJIA added +1.33% to the Transports +2.03%. We really want to see the Transports to make new highs though [...]
Continue reading...16 November 2009 – Gold
16. November 2009
The market gained some minor strength from a US lead but also from a surging Gold price through the day. As at writing Gold is +$13.00 and the Dow Jones in night trading is +75pts. The Daily trend has flipped back to up and it may well continue to chop around if the broader market [...]
Continue reading...13 November 2009 – Indecision
14. November 2009
The market remains in a state of indecision. A little up drags some longs onboard. A little down sucks in some shorts. Either way there is no definitive trend. From a pure price perspective we’d say the trend is up. But other indicators are showing bearish divergences. One will be proven wrong in due course, [...]
Continue reading...12 November 2009 – Look out below
13. November 2009
Several weak closes now and some divergences taking shape. This market is running out of puff here. I’m now quite concerned that a renewed leg lower is starting and basis the non-confirmation on the Dow Jones Transports and the lower low it may be a decent reversal of form.
Continue reading...12 November 2009 – Weak close
12. November 2009
A poor close today with the market just showing a little tiredness after its recent run. We must remember that the ASX, like the Dow Jones Transports, has put in a lower low. A swing below last weeks lows from here is a very negative signal and certainly one that portends a larger decline. It [...]
Continue reading...November 10 2009 – A day of pause
11. November 2009
After a few strong days we’ve had some quiet consolidation. The sessions range was low as was volume. Prices rotated back and forth without conviction. We stay with the view that the Dow Jones Transports index is still not confirming the bigger index strength. Also the broader indices, such as the Russell and Wiltshire, are [...]
Continue reading...10 November 2009 – Trend flips UP
10. November 2009
As you can see both the Daily and Weekly trends have flipped to UP and as a result the Systematic Powersetups have come back online. Personally I retain some doubts, specifically with the broader indices in the US making secondary lows, but until they confirm a lower high pattern we could still zip higher. I [...]
Continue reading...November 9 2009 – Stimulus stays
10. November 2009
The G20 decision to keep up stimulus put a rocket under prices today sending the major indices up over +2%. The air of confidence has again been bolstered after Buffett’s foray into the railroads purchase last week. Our trend indicators are slowly turning higher again and we can’t ignore the price action regardless of what [...]
Continue reading...9 November 2009 – Good follow through…
9. November 2009
The market has posted 2 large up days in a row, both of which closed at the sessions highs. Interestingly enough we’ve not yet regained 50% of the ground lost over the last 3-weeks. Also to note the decline through June was -368 pts and the one we’ve just been through, or going through, was [...]
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17. November 2009
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