Trading Notes: Similar to the CPI number, PPI came in this morning hot as well. So far the market response has resulted in the indices shifting lower. Bulls largely ignored the CPI on Tuesday, and it will be interesting to see today whether or not the same happens with PPI. [...]
Today's Reading for 3/13/24: 73.16 Current Reading: Tilting Bullish Additional Notes: Pretty much a 45 degree push higher over the last month, getting the overall Stock Market closer to overbought. Also indicative of more stocks starting to participate in the current rally than what was seen in the first 1.5 [...]
I closed 1/2 of SLB (1/3 of original) at 52.46 for a +5.7% profit. Â
New long setup: TSCO My TRIGGER price: 252.01 My stop-loss: 243.38 My Target Price: 275.00 Risk Rating: 3.2
Trading Notes: The hotter than expected CPI report had little to no effect on the market yesterday, sending it still higher. SPY remains inside an extremely narrow bearish wedge, and yet to break through the resistance overhead. As long as that resistance remains in place, it will be difficult for [...]
Today's Reading for 3/12/24: 74.81 Current Reading: Tilting Bullish Additional Notes: Pretty much a 45 degree push higher over the last month, getting the overall Stock Market closer to overbought. Also indicative of more stocks starting to participate in the current rally than what was seen in the first 1.5 [...]
New Long Setup: SMH I BOUGHT SMH at 223.48 My stop-loss: 218.95 My Target Price: 240.00 Risk Rating: 3.9
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 [...]
