I thought we were going to finish the day with a doji and mark a swing low here tomorrow, but it does not look like that will be the case. The Dow was the only major index to finish in positive territory today and it was only up .14%. The Dow was up mainly because of IBM. The Nasdaq, Russells, and Bank all showed relative weakness to SPY and DIA today which is a very bearish sign as those three indexes are often considered leaders. We are in a down leg for sure. Expect support at 104 and 102 on SPY with smaller support around 106. I am curious to see where we will mark the next swing low on SPY. I may pick up some SPXU until the markets show more strength. I will keep you posted on that.
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 on the day, SPY is making a doji. This could indicate a reversal/swing low here after a slight down leg. Tomorrow’s action will confirm a swing low or not. The market internals are behaving nicely and indicating flat movement for the rest of the day. We will most likely close flat for a doji.
I made a scalp trade this morning. Long SPXU for about $.6.
Thanks for being a part of Swing-High.com! Check back this evening for your post market analysis.
Trade Smart Everybody,
Jason
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The markets looked like they wanted to head lower early in the session, then chopped around flat mid session, and closed out the day with serious strength. SPY closed the gap from last Wednesday but remained in the high base formation on the daily chart.
I got stopped out of UPRO and lost some money on SPXU intra-day as the trend turned bullish again. Today was frustrating for me, but I am content with my trading performance for the week.
Look out for earnings from Microsoft (MSFT), Honeywell (HON), and Schlumberger (SLB) tomorrow. Also we have home sales coming out tomorrow morning.
Thanks for being a part of Swing-High.com!
Happy Trading,
Jason
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So far today the markets are showing indecision. The SPY has been basing sideways for majority of the trading session and we cannot seem to get momentum in either direction. The VIX is bleeding out, which supports the bullish case and the fact that we are holding up in a high base formation on the daily chart of SPY. The TICK and the TRIN are neutral for the most part with a couple spikes earlier in the session.
This morning I got stopped out of my UPRO position. The VIX and TRIN were popping up and the TICK was low so I picked up some SPXU. Now the market is trending flat and I am set up to walk away for the rest of the week. I have a conditional bracket order on my SPXU position so I am comfortable leaving my computer.
Sorry for sounding so dull in this video, but I am bored with today’s market action.
Thanks for being part of Swing-High.com. Trade smart everybody.
~Jason
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No major new yet today. The market is anticipating the Apple (AAPL) earnings report after the close today. As we stand right now, the major indexes are up about 1%. The VIX has only dropped by 1.5% today which does not corroborate this up move very well. Remember, we like to see the VIX move 3x the opposite direction as the markets. Also, the TRIN is neutral which does not support this little rally we are seeing today. The TICK is following the move nicely, but the count is two to one against confirmation from the internal indicators.
We did find resistance at $110 on SPY which is an expected resistance area we get from October 2008 on the weekly chart. Naturally we are pulling back a little after hitting that resistance. I would like to see the market put in a higher swing low here intraday. I would not be surprised if we sell off after hours today. That would be a classic buy the rumor sell the news leading up to AAPL’s announcement.
Thank you for being part of Swing-High.com. Check back after the close for your post market analysis.
Happy Trading,
Jason
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What a week we had in the markets today. On Monday and Tuesday it looked like we were seeing the beginnings of a double top formation. Instead, good earnings led to the markets punching out new highs for 2009. Friday was bearish, however, and we did close under some major resistance on the daily, weekly, and monthly time frames. On the daily, we closed under our rising wedge formation. On the weekly, we have an unfilled gap in the 110 area on the SPY that goes back to October of 2008. On the monthly we have a major bearish trend line that we are sitting under at this point.
Some of my recent trades include: SPXU, UPRO, BEE, CVM, EDAP, FBC, MESA, MPG, and WAVE. These are all reviewed in the Weekend Review videos to follow.
We are in Earnings Season, so be careful! Over 500 companies are due to report this week. It is not prudent to hold your position through earnings. You can check your stocks’ earnings dates and times on FINVIZ.com. Also, be wary of some major Economic Reports coming out this week. Those can be checked on Bloomberg’s Economic Calendar.
Thanks for being a part of Swing-High.com! Always trade with a stop loss and manage risk appropriately.
Happy Trading,
Jason
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Hello Traders!
If you missed my Halftime Report, then you missed my accurate prediction of the close. We opened lower this morning on weak earnings reports from Goldman Sachs (GS) and Citigroup (C). Jobless Claims and CPI beat expectations by a smidgen and helped support the move higher in the markets.
Keep an eye on the Consumer Sentiment report at 9:55am tomorrow. That could stir things up a bit. Remember to always trade with a stop loss and manage your risk appropriately. Capital preservation comes before profits.
Thanks for being part of Swing-High.com!
Happy Trading,
Jason
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Hello Traders,
This is my first mid-day analysis of the markets. I want to take a look at some what’s going on today and show you what I see.
Check it out.
Thanks for being part of Swing-High.com! Check back this afternoon for my Post Market Analysis.
Happy Trading,
Jason
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