by Ryan Mallory

Today probably didn't seem unordinary by any means on the surface, but when you consider the volume that we saw, and the number of times the bulls tried to reverse the course the market was on, only to fail repeatedly, you have what I believe a potential early warning sign that the trend we are currently on, may be coming to an end.

Another interesting tidbit worth mentioning is the fact that I tried to find shares of SPY to short from my broker, and there was none to be found/borrowed, which very rarely happens, and could be a clue as to the intentions of the bears to drive this market lower.

Here's the Nasdaq and S&P charts... Read more...

by Ryan Mallory

The first day back from Easter Weekend, and the market seemed at best - apathetic. The theme permeating the market of late is that when the market is selling off, use it as an opportunity to buy on the dip. This is very similar to the action that we saw in 2006 and much of 2007. The only difference, we haven't seen how the market will react to any kind of pullback over multiple days. Until that happens we will continue to be skeptical of this rally.

Goldman Sachs (GS) posted earnings after the market close, and while they handedly beat estimates, they also announced that they would be doing a public offering of $5B to pay back its government debt. It is interesting how after the GM CEO was fired by the Obama Administration, that everyone who took taxpayer money, are extremely anxious to pay it back as fast as they took it.

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by Ryan Mallory

Friday the market is closed due to Good Friday, so enjoy the three day week. Looks like most traders have headed out of town as the volume the past three days has been dismal - nonexistent really. But with earnings gearing up, the market will get a legitimate test to the rally that it has been on over the past month or so. If the earnings aren't as bad as expected, we could see the next leg up in the market, but if we only meet expectations or under-perform, it wouldn't surprise me to see us sell off hard.

Here's the Nasdaq and S&P charts... Read more...