SHORT TERM: another gap up opening sold off, DOW -3
Overnight the Asian markets were mixed and closed -0.2%. Europe opened higher but closed -0.5%. US index futures were higher overnight, and at 8:30 the CPI was reported slightly higher: 0.0% vs -0.1%. The market gapped up at the open to SPX 1221 and continued to rally. The market had closed at SPX 1216 yesterday. Around 10:30 the SPX hit 1231, was overbought short term, and began to pullback. Today’s congressional testimony by FED director Kamin was released yesterday: http://www.federalreserve.gov/newsevents/testimony/kamin20111216a.htm. The pullback continued until 1:00 when the SPX closed the gap hitting 1215. The market then tried to rally but could only reach SPX 1221 by 2:00. The rest of the day the market traded in this latter range. The week ended at SPX 1220.
For the day the SPX/DOW were mixed, and the NDX/NAZ were +0.55%. Bonds gained 15 ticks, Crude was flat, Gold rallied $29.00, and the USD was lower. Support for the SPX remains at 1187 and then 1176, with resistance at 1222 and then 1240. Short term momentum hit overbought and dropped to neutral where it ended the week. Today the WLEI upticked again, now at 42.5%.
The market opened higher for the third time this week. And, for the third time the rally was sold off. After an impulsive six day rally from SPX 1159 to 1267, the market spent the next seven days drifting lower, in a choppy fashion, to SPX 1209. Since that low on wednesday the market has gapped up twice, first to SPX 1226 and then to 1231 today, only to find both gap up openings sold off. Since this entire pullback from SPX 1267 looks corrective, we would expect the market to gain some upside traction eventually. Best to your weekend!
MEDIUM TERM: DOW in confirmed uptrend, other majors not
LONG TERM: OEW patterns bullish, but market fragmented
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
I would imagine if no downgrade this weekend we will have huge gap up Monday morning
CAC40 EWT: I was as to quick calling a bottom @ CAC40. Still I believe we are close to it. Divergence on the 60min + 5w down from 3013 16th of december.
Daily:
http://screencast.com/t/8aRFfgPUqOmw
60min:
http://screencast.com/t/SwkBL0h2
Magnus, CAC, difficult chart pattern.
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Tony will be very interesting to see your weekend take on the markets.Would like to see one final whoosh down Monday than start a decent ralky into the 28th.Hope we get downgrades this weekend and maybe put this behind us for now.Our economic numbers are improving and market being held back I believe on a Europe downgrade.Until this happens I believe we are stuck in neutral.Waves don’t seem to working
GD,Not many buyers this past holiday week, except overnight.
hunt please. been clubbed and gave club. there is no monopole.
enjoy you family lee. your pat 99er is priceless.(to be respected for sure) the euro guys love that clip. cb im hoping for a 700 point rally next week. wth if the thing opens can be 200…. lol
T your are the best.
Hey Mike if you are bullish, than I am supposed to be…really, really cautious ,right?..lol…
OK, Ichimoku clouds, anyone? http://screencast.com/t/9ynZOwtLe I wish it could tell us exactly where we’re headed on Monday(but it doesn’t, dang it) , but the signal lines are in a bullish alignment & the cloud area is now support now & most of the gap from the recent run-up has been filled. The “problem” is that SPX is still in the cloud….only above the cloud would be 100% bullish. And after all the gap-covering , Spy still has an open gap between 117.7-188.82. Happy weekend all!
Meant the gap between 117.70-118.82, sorry, typo..
Lee,
Your picture looks exactly like the Gap of Dunloe in SW Ireland! What a wonderful Country to visit!
Tom
Tony and all
Have a great weekend
SPX GOLD DOLLAR BONDS
http://markethighsandlows.wordpress.com/
ASTRO Moon Cycle…
http://astrofibo.blogspot.com/2011/12/astro-moon-cycle-total-lunar-eclipse.html
grazie Tony
Mia madre mi ha detto che Schnucks è il posto migliore per fare acquisti in città.
Penso che tu sia la migliore anche
Oh wow, our cool kid is back in town….great!!! Geez, I had to Google that Italian thing just to make sure that ‘ur system’ hasn’t issued a major sell sig. today, Lee. Sigh.
No idea on Schnucks ( Tony kind of doesn’t have any choice anyway… so..lol )… and
+1 on “Tony is the best ,” of course!
Thanks for all ur help Tony! Have a good weekend all! Nice pic, Lee.. – something really nice to look at after a week like this one…I am kind of jealous of all the water you’ve got around you there in FL.
Thanks , Scotty!
CB can you pronounce that for me
haha agree with the Schnucks part
haaa…I thought that’s what you said last summer, Tony…ur dealing with a ruthless monopolist there then….but then again you can always hunt…for…”stuff” : )
CB,For some reason the other markets are not that good.
Hey Tony, you need to get urself to Chicago sometime & do ur shopping at Trader Joe’s. Have you ever been to one?….they have stuff from all over the world @ great prices…they’ve just opened their 1st store in Manhattan a year or so ago, too…listen to what they’re selling this week – “Le Grotto Lambrusco” (bubbly) from (yes) Italy’s Medici winery @5 bucks. The flyer sez it’s frizzante & dolce .
And for the kids you can pick up some Chocolate Covered Mint Espresso Beans – oh wait they’ll make the kids a little hyper, won’t they? Ok, try some chocolate covered panettone (made in Torino), instead –, or Ginger Bread Men cookies – which are “bursting with ginger flavor & hints of cinnamon & clover.” That’s what the flyers sez ..lol… I love their flyers…and food. …where’s Amos, btw. ?..all this food brings Amos back to my mind…. I hope he is doing OK.
CB,Been around italian bakeries all my life.On one of my return trips here I had to bring some italian goodies from NYC so the locasl could taste real italian food.There’s an italian town nearby, but the food is clearly made by americans.Ever been to a chinese restaurant made by americans, and not chinese?
Aww, they are so lucky to have you , Tony…you just need to convince a few more New Yorkers to move where u r (aka the wilderness) & then you can a open a nice restaurant together with, say, De Niro maybe…..and soon you’ll be eating some real food….shouldn’t be too difficult
… and now onto the freshly baked weekend update…thanks Tony. Appreciate it!
hahaha I can’t cook
Gee, what kind of excuse is this, Tony? All you need is love & butter anyway…you already have lots of love so just need to go & get some butter & you’re in business…Bob will provide the ‘experience’ – he’s owned some places over the years, hasn’t he?… Maybe, you can call it “the Golden Ratio” Tony, and help drive ur local “Golden Arches” out of business, huh? Bwt, I’ve just checked – you’ve got 1 TJ’s store in St. Louis, Tony. Enjoy! I need to stop disturbing the peace here today…later all. : )
Kay saangtos melya haha kuthe aahes porga, sherbajar chodli kaay?
Any one wanna attempt that one
‘CB can you pronounce that for me’ – Vishal, I’ve tried – it sounds a little bit like a song….give me a few more days to practice, OK? Or, better yet ask Lee, I am sure he can do it really well. What’s the other language you’ve posted? …I’ve tried Hindi – but no luck yet…help us out Vishal, would you?