I just spent about an hour on various blogs reading comment after comment. A few things popped out at me, and that's the never-ending comment that "we're at a really important place this week." I'm not sure when we haven't been at an important place lately on these charts- but I guess it all depends on how you're positioned, and how you're gaming the next move(s.) I also keep reading comments that in order for this market to go down and begin P-3 or mega smack down crash #2 (pick your favorite term,) we need a fundamental reason for it to happen. I sure don't recall anyone who was truly planning for the Lehman Bros. crash- do you? Exactly. Don't sit and wait for a written invitation in either direction up or down, 'cause the postman won't ring twice. Neither bull nor bear, we're here to pillage and profit when and where we can.
I can think of at least two things that are just lurking out there right now by reading the background noise away from the charts. If you missed it last week, concerns mounting about FHA's stability, although they've assured everyone they're just fine and dandy. Now, I don't know what's on their books, but I remember Alan Schwartz saying the same thing.. and how many others? Or how about those Latvians? More trouble in River City? Time will tell, but there are plenty of fundamental possibilities looming out there. But... we trade the charts.. we trade the tape. So with that, here are a few to check out as we proceed into an important week of earnings. I'm skipping the SPX/SPY today, because even my lawn service guy knows where resistance and support are. But I admit, I do get rather giddy when I see multiple road blocks ahead- it makes my job easier to trade. Please click to enlarge and see my notes. I don't have anything earth shattering going on here- just some basic vanilla Joe Friday style observations. I've thrown in GS for a possible earnings play, and lonely look at the whack-a-mole 'ol buck. I'll update in the morning with earnings and so forth. Here's wishing you an excellent trading week ahead- stay safe, stay sane. (unless you've already lost your marbles- then you're exempt and are welcome to join me in my little corner of the asylum for tea and sympathy.) For you paranoid types, I offer your theme song while you work on your charts today. For what it's worth..... ~ Keirsten
