With the jobs report tomorrow, which will move the market one way or the other, two charts remain key to the medium term outlook for the market. Will the jobs report push the market through these trendlines?
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Tag Archives: iwm
The Brontosaurus Breakout
If the today's stock market was traded on a Football field, the whistle would have been blown less than an hour into the trading session. It was unabated to record high stock prices, with prices barely pulling back for traders who where waiting for an entry.
It was after lunch time until stocks started to drift lower, but not before doing setting the tone for the session. It was not a market to be reckoned with today, Greece Default or not. Prices were heading higher.
I just can't help but look at the 20 year $SPY chart and not see a giant Dinosaur chomping on the current action. Amazing to see hungry investors at record highs. Where were you at 2009 lows?
Let's face it. Some of the action is the corporations themselves. They weren't hungry back then. But they are buying back their own stock today more than ever before, kind of like a 38.356 ton Brontosaurus:
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Thursday Recap
After yesterday's sharp sell-off stocks stabilized today and rallied to close near session highs. 2015 has been a 'spin your tires in the mud' affair. Would it be any more appropriate if tomorrow's jobs reports sparks a rally back to Monday's levels?
Bonds remain a volatile trade with $TLT dropping to its lowest level of the year before mounting a furious recovery rally. The 20 year bond etf now sits right at long term support. Tomorrow's jobs report is likely to push it one way or the other into the summer.
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Wednesday Recap
After yesterdays late day swoon, the market hung on to early gains to close in positive territory. The FED minutes released two hours before the closing bell provided opportunity for a few "wild swings" before stocks decided to close just off session highs. The NASDAQ led the way, even the likes of Zillow closed sharply higher.
Today's Unusual Option Scans and Bullish/Bearish Crossovers:
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