iBankCoin
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,861 Blog Posts

Bigger Than Bank of America and Apple

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As you can see on the above 30-minute chart of the SPY, ETF for the S&P 500, this morning we completed a gap fill of last Thursday’s monstrous sell-off. After completing the gap fill, despite news that Warren Buffett is taking a huge stake in Bank of American, the market is running into some supply. Generally speaking, the selling has a subdued tone to it thus far. After all, we are barely giving up many S&P points after rallying from 1121 on Monday.

In terms of trading ideas, I am doing my best to remain patient with my buying power. The bulls have made some decent progress this week, and all eyes are obviously on Chairman Bernanke over at Jackson Hole tomorrow. The charts are not properly set up for momentum long swing trades, but they never are during the initial move off of a bottom (if that’s what this is). ┬áSo, to argue that this is automatically a bear market rally simply because momentum long swing trades cannot be had is a bit disingenuous. Either way, the market is the final arbiter between the bulls and bears slugging it out at these levels, which transcends news out of Apple and Bank of America alike.

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7 comments

  1. Yogi and Boo Boo

    Thanks.

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  2. Berniecornfeld

    Indeed! Thanks

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  3. pistilstamen

    Thoughts on today’s divergence between FCX and the market? Sure, on one hand 1 day doesn’t mean much, but as of right now it’s a 2+% difference.

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  4. garyw

    Chess,
    Great analysis love reading your take on things..on an aside your site now sux takes too long to load,not clean like previously. i love seeing all your post under your heading RC’s etc. I bet you’ll hear more comments..tell the pelican to get his head out of his ass! thnks for listening or you can tell me to [email protected] off. garwal

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  5. alf44

    .

    …partly cloudy with a chance of Dark Cloud Cover

    .

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