Trading Notes: CPI came in slightly stronger than what the street expected, which puts pressure on the Fed to push back further expected rate cuts. For the most part, the market is unchanged since the report came out, having given up most of the gains so far. Waiting at least [...]
Today's Reading for 3/11/24: 73.90 Current Reading: Tilting Bullish Additional Notes: SMO remains unphased by the selling over the last two days. Zero panic in the tape so far, and could see further increase in the days ahead barring any major economic derailment. Interpreting the Chart: 0-10 is "Extreme Oversold" [...]
Trading Notes: Strong selling on Friday with heavy weakness in semis leading the way. These significant down-days, since November have been one-off selling events, with price quickly recovering. That will be tested again today, with futures pointing to the downside. I do expect a solid attempt to buy the dip [...]
Today's Reading for 3/8/24: 71.60 Current Reading: Tilting Bullish Additional Notes: Day-to-day very little incremental movement, but consistently moving higher over the past month in very small amounts. In total, it is significant. With the bears unable to sustain a hard sell-off beyond one day for almost 5 months now, [...]
Trading Notes: Futures are popping on a strong employment number, which is difficult to really gauge if it is strong or not, after the 50% downward revision of the previous month's employment number, suggests these numbers aren't reliable. Strong rally looking for continuation to the upside today, with price on [...]
Today's Reading for 3/7/24: 72.38 Current Reading: Tilting Bullish Additional Notes: Since late February, a steady increase to the upside, similar to the overall market during that same time, but well below the highs seen in November and December. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically seen [...]
I closed 1/3 of SLB at 50.66 for +2% profit.
Trading Notes: The difficulty in finding quality trade setups in this market, can't be emphasized enough. I'm combing through the most charts, I've ever looked through on a daily basis, and I'm finding less and less that looks attractive to me. We're in a stage of the market where stocks [...]
Today's Reading for 3/6/24: 70.27 Current Reading: Tilting Bullish Additional Notes: The SMO hit 70 for the first time since January 3rd. An impressive stat considering the fact the market has made double digit new all-time highs so far. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically seen [...]
Trading Notes: Last night, and again this morning, I combed through my watchlists and didn't find anything that I really liked and wanted to add to the watchlist. One particular chart that I thought has some potential is TNL, but the volume is too light for my liking, so I [...]
Today's Reading for 3/5/24: 68.57 Current Reading: Tilting Bullish Additional Notes: Heavy sell-off today, particularly with tech large caps, but hardly a budge from the oscillator. Across the board, the metrics on the market were by far very benign - nothing to suggest panic. Interpreting the Chart: 0-10 is "Extreme [...]
Trading Notes: Monday's price action lured traders in, with weakness being masked by the continuing rally in semis, only for an end of day rug pull in the final hour of trading to send prices careening lower on the indices. Pre-market action has indices pushing lower again, and that is [...]
