SHORT TERM: market rebounds again, DOW +109
Overnight the Asian markets were mixed. Europe opened lower but closed mixed. US index futures were higher overnight, and at 8:30 Personal income was reported positive: +0.3% vs +0.4%, but Personal spending was reported flat: 0.0% vs +0.4%. Also PCE prices remained positive: +0.3% vs +0.2%. The market opened higher at SPX 1270, then dipped to 1268 where it had closed on friday. After that a rally began to SPX 1279 by 10:30. After a pullback to SPX 1275 by 11:30 the market moved higher again. Around 2:30 the SPX hit 1285, its best level of the day, and then pulled back into a 1280 close.
For the day the SPX/DOW were +0.90%, and the NDX/NAZ were +1.45%. Bonds lost 8 ticks, Crude slipped 40 cents, Gold slid $4.00, and the USD was lower. Support for the SPX remains at 1261 and then 1240, with resistance at 1291 and then 1303. Short term momentum rose to overbought after touching oversold friday. Tomorrow, Case-Shiller at 9:00, then Consumer confidence at 10:00.
The market opened relatively flat today, within the OEW 1261 pivot range (1268), and then proceded to rally into the 1291 pivot range (1285). Quite a nice move for just one day. Especially since the market did not require a gap up opening to get going. This market remains, however, still within a multi-week SPX 1258 to 1299 trading range. Techs and Financials both did well today. And, it will probably take continued strength in these sectors to pull this market out of its downtrend. We continue to remain somewhat defensive short/medium term until we get some clears signs that this downtrend has likely ended. The market has been quite choppy, with a downward bias, for all but two weeks of this eight week correction. Best to your trading!
MEDIUM TERM: downtrend low SPX 1258
LONG TERM: bull market
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
I think we are abt a turning point….I went short….stop at 1300…risk/reward 10/60 …
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correction …risk/reward 10/50 but could be 10/60 or more
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Taking profit on BAC and SPY from trade last week 🙂 Just went short SPXU at 16.52.
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nice Rookie. It’ll pay for a nice holiday BBQ.. 🙂 I am still trailing this thing.
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what are you wavers thinking, please…are these waves off the 1265 low impulsive…or need more info…thanks
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Hah. Classic rookie move. Sold BAC today and of course the settlement news comes out AH. Obviously it is ripping higher. Gotta love it! 🙂 Timing is everything.
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well you bought it at support, and you made some money,Rookie….and you cant’ blame urself for not being clairvoyant, right?
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There is always tomorrow! Thx CB! I’m still holding out hope that Spxu will be a profitable trade.
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http://screencast.com/t/JTrmXmNDvej
Rookie, hanging in there, yet ?…tomorrow will be another (good) day… 🙂 (I hope now, too) just trying to hang by my fingernails now…I think the main (good) thing is that tomorrrow there will be no more BAC , Visa, and Mastercard “news”
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I took some medicine today on SPXU and caved by buying back into BAC. I’m also putting some funds to some speculative plays like BYDDF, SEED, and ENER short term. GL!
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well, the purpose of the stock market is to p*** us off 99% of the time, so ur not alone….. 🙂 SEED is one of those Chinese reverse merger co.’s – …acctg. problem…careful there…
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here’s an explanation on those reverse mergers and a listing of all those companies in case you you want to look into it. Good luck!
http://www.fundmymutualfund.com/2011/06/list-of-chinese-reverse-mergers.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+FundMyMutualFund+%28Fund+my+Mutual+Fund%29
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pivot time + .382 months low/high = 1287 ES
old man still has it …have a great day !
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thanks Lee. Have a good evening too.
1294ish is where we “meet” rsi (14) again..
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i meant rsi 50, sorry 🙂
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daily … a re-test of 50 ema… (?) with http://screencast.com/t/AiRvqrjgn2z
assuming we can do 1296 first from the 5 min chart http://screencast.com/t/MTDtaUu9YXc
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Elliott Wave Forecast For 6.28.11 http://Elliottwave.info
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Thanks Tony. Nice work as always.
http://stockoneradar.blogspot.com
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Thanks Tony. Nice work as alway.
http://stockoneradar.blogspot.com
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Thanks Tony,
Worse scenario: Wave 5 = 1.62 of 1; or Wave 5 = 2.62 of 4.
1.62*59=96; 2.62*40=105
1298-105=1193 …right at …the line in the sand….could be that possible, Tony ?
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MGD, Possible, but the 2.618 would make things quite uneasy longer term.
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Tony can we say with somedegree of confidence that BSE Indian index bottomed out last week and targets in future?
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welcome Visha,No uptrend confirmation yet.But the bottom formation and rally look promising.
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Thanx Tony hoping with a few more weeks like this your stock charts show an uptrend, we have witnesses 8 months of corrective patterns
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Yes Vishal, it has been a rough market for quite a while.
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