Daily SPY Read

Sometimes I write things, and when the inevitable happens, Not only I am proud of myself, but also surprised. Everyone who have been in the market long enough knows that everything that goes up, usually comes down much faster. Some of us like to refer that as the elevator effect. We are now set to

$SPY opening flat after starts at building sites for homes fell 8.5 percent last month to a 890,000-unit annual rate. But still the permits for future home construction rose to a 925,000-unit rate, the quickest since June 2008. The housing market seems to be picking up again, but people are not going crazy on the prices

$SPY opening slightly higher after a 3 day weekend. It seems that many traders are looking the Office Depot $ODP, and Office Max $OMX deal. As for me, I am looking at 152.74 level in the $SPY if indeed we break out higher. Last week everything seemed like we were finally losing the steam, but

$SPY to open neutral, but what looks like to be a low volume session. If I am not wrong today is options expiration day. I also see that many blue chip stocks are not moving as hard as they did a couple of weeks ago. Most of them are opening flat, or slightly lower. I do see

Happy Valentine's day to all my readers. Specially the ladies. The $SPY is opening lower, and I have seen it as low as 151.47 which is one of my Fibonacci levels. A move under that level will most likely take us to test the 149.60 level which could pretty much change the current buying the dips pattern that

I really liked what I heard on the state of the union yesterday, I liked it until all the list of promises started to unfold. Hey a politician live upon promises, so who am I to say anything different. Anyway, the $SPY is reacting very positively towards the words said yesterday. This morning economic data showed that retail

Another gap up, this time in anticipation to the state of the union, in which for Obama does not mean anything other than preparing the grounds for the election of the next democratic candidate. His time is up. It will be three years of mostly frustration for him as most of what he will try to achieve will be

And the market flipped on us again. Like many of my friends, I am getting the sense that this market is now being moving up with a huge help from the high frequency trading machines. These bots does not respect anything technical about the market, but I still find a lot of loopholes. Unfortunately it is

Another neutral day so far in pre-market. As I write this the $SPY is showing the 151.03, still a huge difference from yesterday's low, but I feel very confident that it won't take long for us to get used to those levels again. The $NYMO (McClellan Oscillator still showing a lot of downside momentum, and

$SPY opening flat after economic reports from Europe that decided to leave its main interest rate at 0.75 percent.  The Bank of England, also left its main interest rate would stay at 0.5 percent and that it would keep its gilt purchases at the 375 billion pounds' worth bought so far. Over in the US the