Wednesday, April 29, 2009
FED DAY
Today is FED day so expect little volume till after the announcement. Most traders usually take the day off and I might do the same.
Not much the FED can do but it is important about what they say about where we are in the economy especially with credit.
Not much the FED can do but it is important about what they say about where we are in the economy especially with credit.
Tuesday, April 28, 2009
HIGHER
837/8 holding ground and as I said we should go higher if it holds. Expect up to grind higher into the close. First target is 861.50 then 866.00, another turnaround tuesday in effect
838 Traded overnight
We traded within 1 point of the 837 noted in the blog overnight- Will this we a support area or will we test it during the regular hours and slice through it.
Bank of America and Citi looks like they need more capital per the stress test, so expect the financials to take a breather. As I have said I believe these banks are all insolvent and it is just a matter of time before all the masquerade is over about these institutions.
I hope this chop is over soon but most importantly watch how we trade around the 837/838 level today it is extremely important
Bank of America and Citi looks like they need more capital per the stress test, so expect the financials to take a breather. As I have said I believe these banks are all insolvent and it is just a matter of time before all the masquerade is over about these institutions.
I hope this chop is over soon but most importantly watch how we trade around the 837/838 level today it is extremely important
Monday, April 27, 2009
Swine Flu
Well there wasn't must effects on the Swine Flu on our markets today. We just bob and weave as usual for a nothing day. It will be interesting how we move out of this news as if we grind higher that would imply this market will go higher.
For those who don't sleep in the nights like myself I will be watching if we break that 850 area. Today I was in much pain and missed some sell signals which proved profitable but I wasn't in, so I move on.
There should be some support down by 848.50 overnight but that doesn't mean they wont crack it lower. For tomorrrow I would love to see a much lower open then we bob and weave and head high. I think a move like that would be bullish but if we sell down to the 837 and dont hold that would be my first sign that the bears might be coming out the sleep for the last 6 weeks.
MARKETJEDI
For those who don't sleep in the nights like myself I will be watching if we break that 850 area. Today I was in much pain and missed some sell signals which proved profitable but I wasn't in, so I move on.
There should be some support down by 848.50 overnight but that doesn't mean they wont crack it lower. For tomorrrow I would love to see a much lower open then we bob and weave and head high. I think a move like that would be bullish but if we sell down to the 837 and dont hold that would be my first sign that the bears might be coming out the sleep for the last 6 weeks.
MARKETJEDI
Upside Projects
I have upside projections now to 906 on the S&P and 8450 on the DOW. Do we reach there on the next push up after a rest??
Saturday, April 25, 2009
One More Push
Yes folks we going to get one more push based on the shorts giving up and that will be it. I am thinking it might be worth around 400 Dow point or so but who knows. This last 6 weeks have been the craziest market I have ever seen and everyone who I talk to professionally repeats the same.
Now we look like we want to edge out a higher range on the markets and believe me I dont mind as the higher we go the more playable it will be when we are finished with this wave 4 chopfest. I am looking at some plays here BUT as I said we finished this week exactly where we ended last week so what is the sense.
Have a great weekend and this weekend I will be posting some charts again since I am feeling much better.
MARKETJEDI.
P.S. By this summer this blog will more than likely be no more but will be transformed into website format so we can implement a number of new initiatives.
Stay Tuned
Now we look like we want to edge out a higher range on the markets and believe me I dont mind as the higher we go the more playable it will be when we are finished with this wave 4 chopfest. I am looking at some plays here BUT as I said we finished this week exactly where we ended last week so what is the sense.
Have a great weekend and this weekend I will be posting some charts again since I am feeling much better.
MARKETJEDI.
P.S. By this summer this blog will more than likely be no more but will be transformed into website format so we can implement a number of new initiatives.
Stay Tuned
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