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Archive for November, 2009
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Have No Fear

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November 27, 2009

Have No Fear

Have no fear – the PPT is here:

This, my dear ladies and leeches, is how putting a floor underneath the market looks like. For the noobs – the support line you’re seeing is the VWAP. Curiously, after a 30+ drop in the ES futures over Thanksgiving  this line is holding like the famed Chinese wall.

Although I was getting some flak from one facetious poster let me reiterate that this is actually long term bearish. Yes, they did put a floor underneath the market and yes, it’s possible that all the ugliness will be gone come Monday. But if you look underneath the hood – A/D ratio is at 0.1 right now and was 0.05 [...]

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Pre-Market Warm Up Nov 27, 2009

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November 27, 2009

Pre-Market Warm Up Nov 27, 2009

by gmak

I’m here to preach caution. Enjoy the fall and the dawning realization that the FED printing cannot eliminate risk.  But, remember that market memories are short in most cases. If there are no more shoes dropping from the Dubai Default, then a bid will come back under the market faster than many think.

:Looks good doesn’t it. The decline in price; Higher volumes for red candles.  Breaking the bulish flag that was forming in a bearish way.  The violet dashed line just below the green starred-hexagon is where a major ramp up started. It is acting as support this AM. Below that, the red dashed line is a TD indicator of where the buying is likely [...]

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ISEE Red Candles

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November 26, 2009

ISEE Red Candles

Okay, so I lied. I was planning to completely forget about trading during the Thanksgiving holidays but then I ran into this chart this morning and just couldn’t help myself:

This is the equities only portion of the ISEE chart. In response to some of the pitfalls in the traditional put/call ratio the International Securities Exchange (ISE) publishes their own modified version called the ISEE index. Unlike the old school p/c ratio the ISEE filters out trades from both market makers and broker/dealers. The ISEE further differentiates itself by using only opening long trades in it’s tabulations.

As such the ISEE presents a much clearer picture of how [...]

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Pre-Market Warm Up Nov 25, 2009

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November 25, 2009

Pre-Market Warm Up Nov 25, 2009

by gmak

Yesterday, the SPX bar may have been red but this was just a technicality as it fought back from the depths to close very close to flat. Given the preponderance of MSM stories of economic growth and exceeded expectations, it should come as no surprise to see a strong bid in the futures.

My favourite headline of all time is that “The FED fears there MAY BE excessive risk taking with interest rates at zero”. The FED continues to print money, the US spends, and the Bond Vigilantes are strangely silent. In their place, the Gold Vigilantes are roaring and are calling Ben’s bluff. I’m not suo sure that the CBs of the world are worried about the [...]

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