critical point

So looking at the major indices, a few weeks back they had their pullback, then they experienced a bit of a recovery, the standard 50% retracement, and now they have been trending in a sideways pattern before they make their next move. Will that be up to newer highs or lower to break the lows of a few weeks ago?

The PIIGS and the Euro are on the radar of everyone out there who has a stake in the global markets. Oil is trying to break through $80 a barrel again and the US equity market leaders are not leading the pack on this latest rally.

Put your shorts on, keep the stops tight and look for the writing on the wall.

Happy weekend.

DJIA 10,325.26 +4.23

NASDAQ 2,238.26 +4.04

SP500 1,104.49 +1.55

working hard to keep positive

The markets have posted something like 7 or 8 days of positive numbers on the major indices. Not by much but each day it seems they add a few points to their gains.

Happy weekend.

DJIA 10,402.35 +9.45

NASDAQ 2,243.87 +2.16

SP500 1,109.17 +2.42

spinning the wheels

Wrapping up a week, getting ready for a shortened week upcoming. The major averages essentially stayed in a very narrow trading range this week. Various news stories that got traction and lost traction throughout the week (see Greece) caused for waffling on many fronts in the USD, commodities, financials and the old man VIX.

Perhaps things will get sorted out a bit over the weekend and we can resume that long slow decline into oblivion. That may be a bit pessimistic but with the economy and real estate in an irrational levitation, it is only a matter of time before the laws of gravity take over once again. Of course there are still plenty of stocks on the upward trend and more defensive plays to the long side. But oh the shorts....

New name, new vigor, new targets, new motivation.

Happy long weekend and keep digging out from last week.

DJIA 10,099.14 -45.05

NASDAQ 2,183.53 +6.12

SP500 1,075.51 -2.96