Stocks are rising today on better news out of Greece. Most of the major indexes are up about 1% so far. The VIX is down over 4.5%. The TRIN is neutral, which means stocks can break in either direction with relative ease. The TICK is bullish.
Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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The markets look incredibly bearish today. The broader market indexes are all down 2% or more. Volume is strong so far for the day. The TRIN and TRIN/Q are both bearish. The VIX is incredibly bearish, up about 17%! Gold (GLD) is down 4% and the dollar (UUP) is up .65%. Across the board, stocks are selling off with serious conviction from the internal indicators.
Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy trading,
Jason
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The markets are mixed today on the back of some mixed economic data. The Russell 2000 (IWM) is the winner so far today, up .5%. Meanwhile, the Financials (XLF) are the real loser, down over 1%. The Nasdaq (QQQQ), Dow Jones Industrial Average (DIA), and the S&P 500 (SPY) are flat to lower for the most part. Intraday, SPY tried to break out of its bull flag formation, but has failed. The TRIN and TRIN/Q continue to be divergent. The VIX is down ever so slightly. Gold (GLD) is down .33% and the dollar (UUP) is up .8%, so that should provide for some selling pressure in equities. If stocks hold up today, even if they close flat, that will be bullish.
Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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Stocks are higher today with very little economic news, if any, to support the move. Citigroup is repaying its TARP funds. The stock (C) is down over 5% so far on the day. Exxon Mobile (XOM) is buying XTO Energy (XTO) for $31 billion. XTO is up about 15% today while XOM is down over 4%. Takeovers usually work out that way. The company that is purchasing usually experiences a drop in its stock price and the company being bought usually sees its stock gap up or pop. Also, Dubai is receiving $10 billion from Abu Dhabi to cover debt. If any of these headlines is helping push stocks higher today, it’s the Dubai bailout.
The Nasdaq (QQQQ) and Russell 2000 (IWM) are leading the markets higher today with the S&P 500 (SPY) trailing close behind. The Financials (XLF) and Dow Jones Industrial Average (DIA) are the weakest indexes so far today. The market internals are corroborating the move higher with the exception of the TRIN. The TRIN is actually giving a bearish sentiment read, while the TRIN/Q is bullish. Recently, these two indicators have been divergent; normally they correlate positively and give similar readings. The VIX is bleeding out nicely, which is bullish for stocks.
At the end of my video I cover four trades that I took last week as well as one that I missed. Starbucks (SBUX), NetFlix (NFLX), Big Five Sporting Goods Corporation (BGFV), and HMS Holdings (HMSY) are the trades I took. Wimm-Bill-Dann Foods OJSC (WBD) is the trade that I missed. The trades include: High Base Formations and High Base Breakouts, Ascending Triangle Formations and Ascending Triangle Breakouts, Bullish Pennant Formations and Bullish Pennant Breakouts, as well as Pull Back Buys/Pull Back to Support/Bull Pull Back/Bounce off of Support plays.
Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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Economic reports came out this morning and they were bullish for the most part. Stocks are pulling back right now based on technical moves. The S&P 500 (SPY) put in a small double top formation on the 15 minute chart. The Nasdaq (QQQQ) has been selling off all morning. The VIX is spiking although it is still lower. The TRINs are heading into bearish territory. Be careful going long here (or short for that matter). Keep in mind that we are still holding up in our longer term consolidation patterns on the broader market indexes.
I personally have taken 4 small trades in the past couple of days. I will talk about them in my Post Market Analysis or possibly my Weekend Review. Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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Stocks are higher today on good economic reports. Natural Gas came storage fell by 64 billion cubic feet this week. UNG is up about 6.5% right now. The Russell 2000 (IWM) and especially the Financials (XLF) are showing slight signs of relative weakness today. The VIX is only down about 2%. This takes some of the strength away from today’s rally as the VIX should be down at least 2.5%. The TICK is corroborating nicely. The TRIN is actually reading neutral, but the TRIN/Q is quite bullish.
Keep in mind we are still in the high base consolidation range that we have been stuck in for the past month. If the markets were to close right now, the daily chart of SPY would confirm a bounce off of the lower level of the high base.
Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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So far stocks are mixed. However, the VIX is dropping (down 1.3% at the moment), Gold (GLD) is up .2%, and the Dollar (UUP) is down .13%. These three readings, provided they do not reverse, should provide stocks with some slight upside support. At the same time, Timothy Geithner wrote a letter to House and Senate leaders stating that the financial bailout plan will be extended to the Fall of 2010.
The TICK is making is way towards bullish territory. The TRIN and TRIN/Q are both bullish. The Only index I am worried about is the Russell 2000 (IWM). Currently, IWM is down .9%. As I write this it appears as if IWM could be breaking down out of a symmetrical triangle it has formed so far on the session.
It will be interesting to see how the markets hold up (or not) today. This could be the beginning of a down leg, but I am not ready to call that. Check back this evening for your Post Market Analysis. Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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This morning, two retail sales reports came out with weak numbers. Both ICSC-Goldman Store Sales and Redbook numbers showed that consumers are not spending much so far for the holiday season. Naturally, stocks are declining on that news. Also fueling the decline in stocks is the strength in the dollar (UUP) today. The Nasdaq (QQQQ), Russell 2000 (IWM), and Financials (XLF) are all relatively strong today. Meanwhile, the S&P 500 (SPY) and Dow Jones Industrial Average (DIA) are the weakest indexes, so far, for the session. The TICK is bullish as stocks have been fighting back higher for much of the day after a big sell off to start the session. The TRIN is extremely bearish today. The VIX is up well over 3% which also provides for a bearish sentiment read.
Right now, SPY is wrestling with the support/resistance line of 110. We will review how things play out in the Post Market Analysis this evening. Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage your risk appropriately.
Happy Trading,
Jason
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