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Tuesday 09/07/10
09.07.10 PRE-MARKET at 08:20 AM EST Expect some pullback today after last week's nice gains.
This will be the first trading day after NY traders get back from their extended Summer vacations, so there will be some position jockying.
Our market health indicators are improving but not yet on the all-clear buy status so watch for some volume to come back into markets on any rallies.
Very limited economic reports this week so traders will really have to stretch to make them a cause for market moves.
Henry Ford
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Friday 09/03/10
09.03.10 OPENING UPDATE at 09:57 AM EST So far the pre-holiday seasonality seems to have the charm this week after previous attempts to keep up with the traders almanac failed.
We did leave an opening hour gap this morning so it's time to review our 60 minute gap chart we have been following.
This morning we are on our way to closing that large gap left week before last BUT we did leave a large opening gap this morning. Most of the gaps on the chart were closed within 3 days, the gap early last month being the exception.
I expect today's levels to hold up into the close despite the volume which has decreased appreciably this week as anticipated.
This weekend we will do a full review and see what we can expect in the short and intermediate term.
Our short term market health indicators have not changed their slope as of yet, so we will maintain our hedge position a bit longer.
Henry Ford
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Wednesday 09/01/10
09.01.10 MID-DAY REPORT at 12:59 PM EST Nice rebound off of the bottom of the trading channel we have been in for a while, and a swoop up to the top in just one session.
We are now trading just below significant resistance and the action of the next couple of days will tell us if the August slump, The Hindenburg Omen, and the ride back down to DOW 5000 are a figment of the pundit's imagination.
Earnings are still undaunted as we go into September, typically the weakest month of the year, but this year has been anything but typical, so don't go placing heavy bets for a breakout this time around until it happens. I still think we are looking at a minimum of 1250 for the SP500 and it could be considerably higher by year-end. We will see who's right.
1084 SP500 is the first level to watch on this run. A break above with a strong close could set the base for a new run. Otherwise we will fall back and attack it a couple of times before breaking through.
Henry Ford
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Tuesday 08/31/10
08.31.10 PRE-MARKET at 09:06 AM EST Setting up for another down opening this morning.
Friday was a 90% up volume day and yesterday was 90% down as we continue to test the trading range as we play out the end of August light trading volatility.
Again, nothing to do here but wait it out and make sure you have your hedges in place.
Stock futures have made a fractional improvement with the release of the S&P/CaseShiller Home Price Index for June. It came in at about 148.0, which is an improvement from the 146.5 that was recorded in the prior month. Up next on the economic calendar is the Chicago PMI, which is due for release at 9:45 AM ET. It will be followed by the Consumer Confidence Index for August at 10:00 AM ET, then the minutes from the latest FOMC meeting at 2:00 PM ET.
I will be out of the office all day today but will be back with commentary this evening.
Henry Ford
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Monday 08/30/10
08.30.10 MID-DAY UPDATE at 11:21 AM EST Markets are absorbing Friday's runnup.
We are in a seasonally favorable period for stocks --the last two days of the ending month and the first two days of the new.
That being said, seasonality has not been important lately. Traders are still fence sitting with major moves on any sign of weakness or strength.
Techs are taking the lead today with the broad markets off, but not by much.
Nothing more to do here as we wait for a trend change and for traders to get back to business. Watch the volumes to get back above average.
Henry Ford
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Older articles:27.08.2010
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16.08.2010
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