It's getting late and before I call it a night I wanted to comment on the market as well as a few charts I've been looking at. And while some like to debate their effectiveness as a tool for trading, there is no better way to examine price and volume action.
Charts do offer a great perspective of what occurred in the past, which help us look into the future.
Since the market bottomed in 2009 the overall trend for the market is up. An $XOM earnings summary is not going to tell you that. Consumer sentiment is not going to tell you that. As the wonderful Dennis Gartman would say it, the current trend is from bottom left to top right. A chart puts all those big numbers into visual form.
There are many times a week when I pull up a chart I haven't looked at in months and I see price action running right up to a trendline. It's remarkable and illustrates that charts matter. Charts work. But it's just one tool in your pouch. There are many more tools out there, but the easiest one to grasp and understand is the chart.
In case you missed this from the pre-open hours. We are back!
I could post a host of charts for $QQQ $IWM $SPY $DIA, they are all breaking above former consolidation. I'll just share $SPY
We are nearing the December end of day paint job highs.
Gold miners. Ouch. I know $FCX has been in a free fall the last 8 months, but I did not realize the carnage on some of the miners until I pulled up a chart of $ABX.
Presented without commentary:
$ABX reports "earnings" tomorrow after the bell.
As does $SIX which is trading at record highs. It's tough being a buyer of PUTs heading into the report. This chart looks most impervious to dowside.
$HD pegged another new all time high today. Apparently the debacle that is Greece is positive news for some companies (cough cough)....
Turned into a nice little trade today, let's look for continuation tomorrow.
Tomorrow is chock full of excitement. I continue to watch some of the REITs pull back while the $AAPL's and $HD's of the world keep grinding to new records.
Have some charts you would like to share? Please feel free to post them in the forum.
Have a great night.