slippage ... *for now.* The thrill of having some volatility back in the market went MIA today, but we have a bit of a change no one seems to be discussing. What happened to Mutual Fund Mondays? It didn't happen last week, and it sure didn't happen today. Where's that late afternoon ramp up? I'm still skittish though, and looking around the corner for the boogey man to pop out at any moment, but so far, so good. I'm sure most of us watched the AAPL chart AH and saw what took place there. Yes, it started with the patented elevator up/down price action, but it fizzled... and it fizzled after hitting resistance well beneath its most recent high. As Osso said, it must be nice to change your accounting rules in the middle of the game, and I know I'd like to change mine too. In fact, I'd like to change my tax bracket while I'm at it. Pick-a-Pay mortgage? How about pick-a-pay tax bracket? One down for AAPL this week, and one event to go…
One other side-note regarding our friend, Ben. Earlier this evening I heard Senator Bunning tell Krudlow there may not BE a vote this week on Benny. Imagine that! I have told several of you off of the blog to consider that possibility- how will the market react by Friday if this vote gets down to the wire? This should really be an interesting next four days, that's all I can say. We’re either getting our chains yanked here, or things are about to get very interesting. We might all need neck braces before Friday.
Economic calendar tomorrow includes: ICSC-Goldman Store Sales, Redbook and S&P Shiller HPI before the bell. At 10:00 AM: Consumer Confidence, FHFA House Price Index and State Street Investor Confidence. Hitting the highlights on earnings tomorrow- before the bell will be BHI, GLW, DD, JNJ, NVS, TRV, X (marks the spot) and VZN. Post session includes: BXP, DV, GILD, RFMD, YHOO and STLD. For a full listing of earnings tomorrow, click here.
Let’s look at the fab four, and a quick look at the bullish percent indexes. I’m still not sure what the game is with copper here, but BDI has a potential for a lovely pattern should it play out.
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I played this song over the weekend while I was doing my weekend “stuff,” and the lyrics just seemed so fitting for what we witnessed last week. I already know this group is full of savvy traders, but I’d like to think we’re also way ahead of the curve when it comes to looking behind the purple curtain as we navigate through a daily serving of some of the most nonsensical information and circumstances imaginable. Anyway.. my trading anthem for 2010 will be this song, and it’s also my wave at our Kiwi and Aussie traders here on TTW. Take it away FX traders….. see you all for a fun-filled Tuesday!
DDT Here, added chart/analysis of feloow DeMark-ian – THANK YOU WALLY :)
Wallfly
Yesterday 09:15 PM 3 people liked this.
Hope these 2 charts may be of benefit to some of those today who were asking about or referencing E-Wave/D-Wave. I've tried to keep it simple and hope its not too busy. We seem to be rapidly approaching a nexus this week or next and maybe this will help. Enjoy your trading.
