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发表于 2009-5-2 07:45
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Friday, March 30, 2007Shoving Match
The bulls and bears are really starting to hate each other. Today was a total shoving match. First the market blasts higher. Then it does about a 150 point reversal. It ends the day basically unchanged. Just look at the action over the past couple of weeks. You can see where the bulls and bears are starting to brawl at the red and green markers I've laid out.
The first quarter of the year is over, and in the coming weeks we can look forward to earnings season - - to, once again, see if there is anything that will give this market some direction. If you believe it has direction, you're wrong. Let's examine the percentage change of the major U.S. indices.
The Dow 30 - three months of trading - and basically unchanged.
The NASDAQ - basically unchanged.
The S&P 500 - basically unchanged.
Even the Gold & Silver index ($XAU) - basically unchanged. What......a..........bore!
at 3/30/2007 34 insightful comments
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Thursday, March 29, 2007Dead Letter Office
Actually, I'm not at airports much. It's even written in my employment contract that business travel will be minimal - - I miss reading nighttime books to my kids too much for that sort of thing. It probably seems like a lot because I bellyache about it when I'm on the road.
OK, on to charts. The market opened strong today, fell for most of the day (which got me excited that maybe we'd push through that Fibonacci retracement level), but then unfortunately recovered about 60% of the day's initial gain. Kind of disappointing, but not surprising. Remember, just this morning I mentioned how we'd probably have to take a 'breather.' This is what I was talking about.
The NASDAQ 100 shows the same story. We're in a tight trading range now. Break above it, and we're going to probably have to wait a while. Break below it, and our revenge will be swift and terrible.
Yep, here's the Russell. It held that Fib level fairly well. Just look at the huge amount of action I've highlighted. Even if we do push below the Fib, that's a lot of muck we have to drill through. |
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