Blue Skies
Another day, more blue skies for the major stock market indices. The pain for the bears has to be strong and growing, but I have yet to see evidence that they are throwing in the towel en mass. And price action has done absolutely wrong to suggest anything more than a trading pullback. As I mentioned the other day, I think it pays to be a little more vigilant here, not that I think we are going to see a […]
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Date: February 23, 2015
Lines in the Sand
The bulls are back to pressing against the upper end of the short-term trading range and should attempt to close above those lines in the sand. On the Dow, the level is 17975 on a closing basis while it’s 2073 on the S&P 500. Both are just a one day rally away. The S&P 400 already saw all time highs last week while the Russell 2000, long left for dead by the market, has a line in the sand at […]
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Date: February 11, 2015
Bears Creeping In
In yesterday’s update, I drew two short-term lines in the sand, looking for the major indices to close below Monday’s low or above last week’s high to signify the next move. Yesterday, we saw the Dow and S&P 500 stay above Monday’s low, but the S&P 400 and Russell 2000 closed below Monday’s low. That leaves us leaning in the bearish direction awaiting full confirmation. Leadership from biotech, REITs and utilities has started to wane, but the financials are trying […]
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Date: March 12, 2014
