Market finished up 0.7% yesterday after a quick test of the 20dma on SPY the day before and topped out yesterday 1 std dev. above the 20. Another respectable day in volume as well. What was most surprising to me yesterday was the rather muted reaction to Fed. Maybe, finally, after 5 years, people are discounting the possibility of raising rates just yet. ORCL’s poor quarterly report was the biggest news after hours.
Futures are a tad soft this morning. Here’s some links:
In addition to his ES_F Swing Short, Legacy_Trades is building respectable short positions in the XHB. I was curious as to how big he would grow these, as a display of his conviction in the idea. <With XHB still in that jumbled area on the weekly from Fall of ’06, I’m interested in a potential short here.> Though I should say from discussions with LT, he is selectively shorting companies that are based in areas that he invests in real estate and believes those areas are not representative of the industry at large.
Market Anthropology updated his Euro’s Mirrored Pivot series. Blog
ukarlewitz supplied some good charts; FXI SMH Daily SMH Weekly AAPL
CiovaccoCapital with his own stock/bond chart. <I find stock/bond charts to be extremely helpful in planning over the medium and long term (3-6mo+)>
Also notes that “QQQ closed with very hesitant/unsure-looking candlestick WED”, “While big picture remains bullish, cracks like XLY trailing XLP this week by 1.79% (not confident risk-on) tells us to respect downside”, and “Concerning for SPY & cannot be explained away by strong Dollar: GLD stronger than SLV, and Gold stronger than JJC Copper” <Agreed, and Market Anthropology has been all over the GLD/SLV ratio as compared to SPY.>
Here’s an awesome blog from WaPo. Blog
And RedDogT3Live with his impeccable short-term support/resistance zones: “spx upper range has a support zone to trade against that stands at 1538-1545. With pivot resistance at 1557-1563”
Also notes “Today should be interesting. Usually we get a “trend” day after the fed speaks…”
