September 20, 2017

The Fed came out today and did nothing about interest rates, leaving them unchanged. What was different about today’s policy announcement was their reiteration that they remain on track to begin paring back their $4.5 trillion balance sheet in October. The market thought about this for a little while, and then began to sell off hard, with the big-stock NASDAQ names leading the way down. But... [more]

September 17, 2017

The indexes keep stepping higher as they march to the tune of the QE band currently comprised of the Fed, the European Central Bank, the Bank of Japan, and others. At times the tune gets a little funky as it did on Thursday when the big-stock NASDAQ 100 Index names took a heavy dose of selling, but on lighter volume. It looks very much like the NASDAQ Composite Index,... [more]

September 13, 2017

On Sunday afternoon, the futures opened to the upside and continued rallying into the evening right into Monday morning. What made it interesting to watch was the fact that the movement in the futures seemed inversely synced to the dwindling power of Hurricane Irma as it made landfall along the southern Florida coast. What started out as a Category 5, or “CAT 5” storm, slowly began dropping... [more]

September 10, 2017

Friday’s action had an odd odor to it, as the NASDAQ 100 and NASDAQ Composite Indexes were both hit with selling on lighter volume. The big-stock NASDAQ names, however, took the brunt of it as the NASDAQ 100 tanked -0.85% on the day. Meanwhile, in an interesting divergence, the S&P 500 and Dow Jones Industrials Indexes closed... [more]

September 6, 2017

Another NoKo surprise hit the markets yesterday after the rogue dictatorship went and tested an alleged hydrogen bomb, sending futures down slightly over the long weekend. That led to a sharp sell-off yesterday, but one that is consistent with the pattern of breaks off the peak when the market rallies up near or to new highs. The NASDAQ Composite Index was smacked all the... [more]

September 3, 2017

The stampede into stocks over the past four days has been nothing short of ballistic. In my Wednesday report I discussed the resurgence in the bio-tech sector, led by sharp upside moves in the biggest of the big-stock bio-techs, Amgen (AMGN), Biogen Idec (BIIB), Celgene (CELG), and Gilead... [more]

August 30, 2017

The market got blindsided Monday after the close when North Korea decided to launch another missile, this time over Japan. That sent the after-hours futures careening to the downside, leading to a sharp gap-down open yesterday morning. But the whole affair ended up as a big shakeout with the market closing up on the day. The context for the intraday bounce, however, came from the Dow... [more]

August 27, 2017

The NASDAQ Composite and S&P 500 Indexes have both spent the past four days somersaulting around their 50-day moving averages without getting anywhere. This comes on the heels of this past Tuesday’s big gap-up move that was also a logical reaction rally after the undercut of the prior week’s lows, as discussed in my Wednesday, mid-week report. The... [more]

August 23, 2017

The market staged an undercut & rally move yesterday that was quite logical within the context of the index chart positions. Both the NASDAQ Composite and S&P 500 Indexes were sitting just below their lows of the prior week (August 14-18), which put them in position for a possible U&R attempt, as I tweeted Monday evening. That is precisely what... [more]

August 20, 2017

Wednesday’s churning action turned out to be the turning point for the market after the reflex relief rally we saw earlier in the week. As I discussed in detail in Wednesday’s report, the relief rally was a simple function of the phenomenon of alibied selling. The initial NoKo news the prior week was served up as the justification for the selling. Once the rhetoric cooled off over last... [more]