Price is the only thing that pays, but it’s not the only thing to watch. Although the NASDAQ was up more than 2.5% today, 3 of my indicators remain bearish. Chart 1: QQQQ (NASDAQ 100 ETF) is falling with volume not seen since Lehman’s went bust, yet it remains above the November lows. This feels…
The markets remain choppy and dangerous, but the NASDAQ Summation Index is showing signs of strength. For those unfamiliar with the NASI, I suggest reading the material from stockcharts.com here. Quite simply, a rising index printing X’s is good for buyers while sellers want to see declining O’s. As you can see on the far…
The market remains incredibly weak, and rather than post a bazillion charts, here is one that tells much of the story. The direction of the NASI remains down, and this keeps me from allocating money to the long side overnight. Now that I’m back in NYC, I’m busy as hell meeting people and doing stuff…
A new guy moves to the White House every eight years. I think the real news is here; today was the biggest Dow drop on inauguration in history. Volatility is screaming upwards, and clearly fewer stocks are in bullish formations. The tape still warrants selling the rips, and I suspect we’re in for bigger dips….
Call me a complacent bear, but I think the market has an ass kicking in store for the bulls. Yes, that’s a new low for the banking index. Yes, there may be a major pop due to government shenanigans. Yes, it will probably be a fantastic shorting opportunity. Stocks on the NYSE are increasingly volatile…
Not much action in the equities market this week. According to my indicator, the SPX has managed to stay bullish, but it is very close to resuming a downtrend. The buywrite/index spread is rising (bearish), but it is in a resistance area, and any turn around would be bullish. The NAMO has turned positive,…
A rundown of various market themes for tomorrow’s trade. Despite the hefty haircut in the QQQQ’s, my NASDAQ indicator is still bullish. Buy the dip is still in play until I see some O’s, but I’m taking very small positions. The BXM/SPX ratio is bearish as long as it is printing X’s. Nevertheless, it is…
It has been a wild week thus far, here are some internals. Banks are back into a bullish position, goddamn whiplash got me. There was a new X made in my primary market indicator, which is a great sign for equities. Risks are still high, but if the dollar continues to fall, this should continue…