The weekly chart of SPY, the ETF for the S&P 500 index, shows the steady grind higher from the February and March lows. It's interesting to note the "elevator" down weeks of early this year and the "escalator" up weeks since. That's usually how it works. When it's going down it goes down fast and when it goes up it's usually a slow slog. I like the price action. The last few weeks has shown a test of lower prices but not enough fire power to sustain any meaningful sell off. The slow … [Read more...]

We are spending a few weeks this summer in Carlsbad, Ca. to be closer to our new granddaughter. She is just a little love bug and we can't get enough of her. Ironically, I must be trying to recapture my youth at the same time. Think VW Bus with surfboards on top cruising up and down PCH (Pacific Coast Hwy in California) circa late 1960's and early 1970's with Buffalo Springfield playing on the 8 track. I figured now or never and I bought a new longboard last week and starting surfing again … [Read more...]

We saw a little selling last week on Friday after trying to get up near the all time high from earlier this year. It was a "gap down" day with the open, close and daily range all below Thursdays range. See daily chart of SPY. SPDR's S&P 500 Trust Series ETF (SPY) daily Gap down days tend to produce more selling and that's what we will probably get. It's probably healthy for the market to come back a bit after the recent run up from late June. I continue to look at these pullbacks as … [Read more...]