Sunday, August 24, 2014


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I have to admit, I really don't like the action on the $NYAD's, they made new highs with the new ATH's in the markets on Thursday, but they turned down with the SPX today, I would have preferred to see them make a higher high with the lower markets, that would have been nice. The good part of course, is that they didn't make a lower high when the markets made the new ATH.

The $NYMO also didn't act well at all, dropping a LOT the last three days, while the SPX went higher, higher, and then lower today.

The bulls will say this was just a little narrow resting day for the SPY, this after rising 8 of the last ten days, which makes sense. HOWEVER, I want to see new highs IMMEDIATELY, we should get up and walk that upper bollinger higher right away, if we don't don't then we leave that new ATH day on Thursday as an Abandoned baby, or an Island reversal, not good stuff at all.

Pretty unusual week, I actually don't remember seeing one of the "X's", the Spyder's, leading my 73 markets for the week, and this week they are the top six, with the exception of XIV, and XLU came in 9th, pretty strong performance for the US markets. Our major winner was the DIA, up 2.12%, followed by the SPY, 1.77% along with RSP, QQQ's were up 1.69% with the IWM bringing up the rear, up 1.61%. Also a pretty "funny" day today, it was split with the DIA and SPY lower with the Q's and IWM higher, decliner's greatly out numbered advancers, 3.654 to every 2.646 higher. Backing up my reservations about the NATH's, is my Market Monitor, it's got 2,914 stocks in it, the stocks up 4% for the week peaked on Tuesday and then went lower every day into Friday, meaning on Thursday there were less stocks up 4% on the week even with the ATH's.

That absolute dog VXX led the loser's this week, along with some of the inverse funds, GDX came in third at minus 2.68% on the week, GLD, SLV and USO were all down over 1% on the week, there really weren't very large down moves on any of the International indexes, ECH was the worst at minus 1.48%.

The number of markets on a death cross, 20 sma below 50 sma, increased to 45 this week. 

A LOT of retailer's on  the winner's list in the S and P 500 this week, led by ROST, but I wanted to mention the stock at number 18, BAC, I have a position in it, it went to Da Moon on HORRIBLE news, hahahahahahahahahahaha, typical of this CONTANZA market, ANYWAY:

It's set up a perfect, and I mean PERFECT, 1-2-3 pattern, that's where you get a THRUST bar, like BAC had on Thursday, then you get a REST day, a nice little Doji type bar that can be lower than the thrust day, like BAC had Friday, then you, "SHOULD", get a "CONTINUATION" day for the 3 count. An equal move scenario would take BAC back up to the $17.25 "area". You don't have to get the move on the next day, we could get another rest day, but I would not want to see it drop much at all, other wise you can forget the pattern. 
Of course, it, "COULD", just collapse, as it may have found resistance at that prior high in early July. Nothing is for sure of course, that's why it's called gambling..........EEEEEERRRRRRRRRRR.......... "INVESTING"!

MNST cracks me up, hahahahahahahaha, I think it was the leader last week on the Coke news, wad ever, I hope you took profits on the day of the announcement, it was the leader again this week, of the LOSER's in the S and P that is. 


Marvin said...

That's a lot of in depth content, thank you for sharing! I like how you use the 20, 100, 200 moving averages on your charts.

I personally think we have a bull run on our hands that will get very out of hand until it corrects.

Keep up the good work, thanks again!

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