In honor of St. Patrick’s Day, a chart full of green! RSI (2) is green for March, and sits at 99.72. One of these days, the bears must come out and play!
Purveyors of my favorite nasal spray, Walgreens hits the list for a potential short trade. Its sitting under most important moving averages, with a shot at the bottom of the trend channel (about $32) if the market breaks. Stop would be on close above $36 or so.
With Fed Day behind us and St. Patrick’s Day upon us, the market just keeps melting up as this blog is almost ready to go to live trading on March 19th. The folks at Bespoke Investment Group have unearthed the nugget that the S & P 500 tracking fund SPY hit an alltime record for […]
Waiting on the fed to do nothing, with the market at resistance levels, I thought I’d take a little longer look. If you buy into the theory, suggested by this trendline, that we broke through the downtrend last fall, how long until we test the line again, somewhere near SPX 1000?
Five links for your enjoyment, that I didn’t get up by 5PM. Sorry! * The three most imminent disasters, and how to survive them. Hint: pick up some water on the way home! (Trading report) * Fib lines from the 1929 crash! And guess what — they may signal a reversal now! (Slope of Hope) […]
Since February 5th the market has obviously enjoyed a ripping rally, tempered only today by a small pre-Fed retreat. What would it take to declare this rally done for? I’ll offer my best guess, based on the lower trend line drawn above: Somewhere under 1130 on the S&P 500, or another 13 points or so […]
Super Value (SVU) jumped up to match and briefly exceed its October highs Friday on rumor and speculation that of a possible leveraged buyout (remember those) in the works. I wouldn’t buy this one now at such heights, and I sure don’t wan’t to be around when the rumor goes POOF! A retreat to the […]
Not a current long, as the RSI(2) is overbought at 91.59, but on the watchlist, especially looking for a dip near the 50 day moving average, about $11.74.
Well, at least the S & P 500 is. With everyone watching the 1150 level, the market closes for the week at, ahem, 1149.99: The overbought RSI(2) has me generally bearish, but it has stayed that way for what feels like weeks now. As a matter of fact it has been two full weeks, plus […]
Five links for your weekend reading: *Surprise! Retail sales surge in February (Boston Globe) *A squeezed short ruminates on what he has learned from the market lately (Slope of Hope) *Good idea? Trading with a buddy (Don Miller) * Polly wants a lawyer? (BT) *Book review: Scott Patterson gets inside the Quants heads. (Reading the […]
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