Last weeks price action was insane, not normal, scary and I hope it's close to being over. If this was normal no one would invest in the markets. The media has been trying to figure out what is causing the extreme volatility. Maybe they will figure it out someday...maybe. I think the Unicorns did it. The speed of change was what surprised me. On Friday the Dow moved from down 500 to even in less than 30 minutes. It took 10 days of trading to lose 47 days of gains in DIA, the ETF for the … [Read more...]
Tuesday’s Price Action
Another day with huge range and big volume. SPY, the SPDR's S&P 500 Trust Series ETF recovered about half of Monday's losses. The Dow had similar price action. The SPY daily chart shows price traded down into support (upwards sloping blue line) and bounced exactly on this support level and proceeded up from there. The Dow (DIA) looks the same. SPDR's S&P 500 Trust Series ETF (SPY) daily In fact, all open positions are bouncing on pretty good support. If price can work … [Read more...]
Holy Crap Batman
Price action today was extreme to say the least. Machine trading gone mad I think. I expect more pain but we can't sell into this as it will probably turn on a dime up 500 points on the open soon enough. Keep your longer term perspective in mind. Many price levels are nearing or on support so I don't expect this nonsense to last too long. I'm looking forward to a buying opportunity when this madness settles out. Trade Smart, Don … [Read more...]
Stupid Stock Market
Days like Friday make me sick to my stomach. It would have been so much easier to erase 16 days worth of gains in a slower fashion. Say, maybe slash 1,000 Dow points over a few weeks. Why the rush to take it all away in a week and most of it gone in one day. Stupid. There is no predicting this kind of move except to say they happen every so often. So, now what... SPDR's S&P500 Trust Series ETF (SPY) daily The daily chart shows Friday's close right on top of short term support, the … [Read more...]
This Ain’t No Random Walk Down a Rocky Road
Most country stock indexes across the globe are still powering higher, even Canada, eh. Continue to hold the stock index ETF's that I have recommended. You can find these on the web site in the members Trade Alerts page under "Open Trades". Energy has reversed over the past few trading days after hitting within six cents of the high made on December 12, 2016...see the blue horizontal line I drew in prior to the reversal. The symmetry that occurs over and over in equity price action is not … [Read more...]
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