The market recovered nicely from the wicked dumping we saw this morning in $AAPL. Into the close, I still believe the daily candles that are on the verge of printing should be respected as possible indications of a correction. However, I made no changes to my portfolio today, as I believe situations like this are designed for traders to trap themselves by jumping to conclusions too soon. If, indeed, today’s assortment of hanging man candles are the beginning of bearish reversals, then that fact will become obvious in the next few days.
The bull case is that today marked a mere consolidation. To support this notion, take a look at the currency pair which is arguably the best gauge of risk appetite in the world: the Aussie Dollar versus the Japanese Yen. This looks to be a bullish setup, and if the Aussie breaks out I would expect all economically sensitive risk assets to flourish, namely equities and commodity related stocks.
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Come on and close above 1150! Crapping out damn!
Couple of questions would appreciate your thoughts on– 1.can we go above 1150 if financials don’t move up?
2.is it possible we could go into a relatively small range for weeks where we keep bumping up against 1150?
1) Yes, we can break 1150 if finnies don’t breakout. However, they need to at least stabilize and be benign, as opposed to bleeding out while the market tries to break out.
2) Yes. We can definitely consolidate at 1150 for a while. I believe 2010 will be defined by whether bulls or bears capture 1150.
thanks!
if that’s the case someone should tell that bimbo blond bank bitch to STFU for awhile so we can get to that number..lol
The market has ceased reacting to Meredith Whitney.
Wow, wonderful blog format! How long have you ever been running a blog for? you made running a blog glance easy. The entire look of your site is wonderful, as well as the content!
The only thing on my runners favorites list right now is the feeling after I run. I am new to running, so I am not up to par with all of the gear, so for me its basic tennis shoes, some shorts, and a tank top. Nothing out of the ordinary. Hopefully I will learn more as I run. Love those hats though!