July 19, 2017
The market remains imperious as it keeps driving higher despite the negative news flow, all of which just mortars more bricks into the wall of the worry that this market likes to climb. Yesterday the bumbling ineptitude of the Republican-led Congress was on fully display, as another major policy initiative, namely healthcare reform, was shelved again.
The market sold off early in the day... [more]
July 16, 2017
The NASDAQ Composite Index shrugged off any ideas of resistance at the prior declining tops trendline and instead flashed a nice trendline breakout on Thursday. As I pointed out on Wednesday, the declining tops trendline could just as easily provide a point of reference for just such a breakout as it could overhead resistance.
Low volume accompanied Friday’s continuation... [more]
July 12, 2017
Those who love to ride rollercoasters will find much to like about this market, but the unwary might have been shaken out by yesterday’s big sudden intraday sell-off. This occurred after news of Donald Trump Jr. releasing the email chain he exchanged with a Russian attorney with no ties to the Russian Government was released.
Once the news algos, algos that are allegedly programmed to read... [more]
July 9, 2017
On Wednesday I wrote that if we see the NASDAQ Composite Index peel away from its 50-day moving average on the downside then the S&P 500 Index would likely retest its 50-day moving average. That is what we saw on Thursday, with the S&P closing just below the 50-day line on higher selling volume.
Friday’s jobs number came in at a seasonally adjusted... [more]
July 5, 2017
Monday was supposed to be a quiet, short, pre-holiday session for the market, but investors were instead treated to an unexpectedly unusual and unique fireworks show. The 3½ hour trading session started out with a big upside gap thanks to a sizable overnight move in the futures that gained momentum in pre-market trade leading right into the opening bell.
For this market, it was just another... [more]