MM

P's Bull-Bear Tasks

Saturday, April 18, 2009

Market Overview:


Well one cannot argue the broad rally that has been taking grip in the markets. I’m not seeing much setting up and so for now I’m in position management mode. I will become a full bull over the Jan highs @ 945 in the S&P500. If the bulls can clear the 945 area I’ll begin to get a little more aggressive in long positions. One could not rule out a correction in the near future, but things will happen as they may. The S&P is up just over 27% since last low. So a consolidation/correction is in the cards, what do you think?
Going into this week of trading my screens do not have any candidates setting up and so we won’t open any new trades.
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Oil

Currently oil has been running in a range for some time now. I see a bow tie trying to forum off the daily. I would not get too excited about it until it breaks the range highs and has a nice orderly pull back. Anyway oil might be worth keeping an eye on…

XAU

XAU

Market Pulse 03/06/09

XAU daily suggests a stiff pullback, now what I don’t like about the current bullish action is the drifting in price action. Short term bias is short under March 6 low.


030209

I see a sell signal in the S&P500 as price has violated old lows. Here is a 2 day chart with stocks above or below their 40 pma (Green line). Price is the yellow line and the RS of the 40pma (Red). What I’m looking is the hard right edge. Notice the cross down, this suggests more downward pressure.