Trading Day Thursday, July 30th

Hello Traders, Wow!! What an exciting market day today with a good bit of movement in both directions. The market started off with a 11.5 point gap to the upside to open at 983.75 and quickly reached its low of the day at 981.50 which did not close the gap but only made a minor dent in it. Within the first hour got to its high at 994.00 and move sideways into a "wedge" pattern. The last half hour of the day it broke thru the bottom of the wedge and headed back down to where it started to end the day at 982.50. One of the interesting things about the move down late in the day was the volume pickup as it did it. This morning volume move up was at 75K contracts in comparison to the move down which was at 85K contracts. Hum!! Looks like that gap is soon to be closed. We shall see what tomorrow brings. Have a great day and remember to always use stops.
LauraQ


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Today opened at 917.25, up 3.75 points from Friday's close. We had a couple good moves in the morning, hitting our low of 911.50 and filling the gap. We then moved back up and consolidated in about a 2 point range for the rest of the day. We hit a high of 924.00 and closed the day at 923.00, after a range of 12.5 points through the day.

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Open today was 913.00, 4 points down from yesterday's close. We traded inside of a congested 9.75 point range for the entire day today, then closed for the weekend at 913.50.

Our intraday high was 918.25, the low was 908.50 and our gap of 917.00 was filled.

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Open today was 906.50, just 5 ticks down from yesterday's close. We traded to our low of 899.25just before 11am market time, then turned and headed 15 points up to today's high of 914.25 by about 2:30. Today's close came in at 906.25, 1 tick down from open giving us pretty much no direction for our day. Our gap of 907.75 was filled and our range was 15 points.

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Open today was 931.75, up 9.5 points from Friday's 922.25 close. We took off out of the gates this morning running up almost 9 points in the first hour. From there we consolidated for most of the remainder of the day. However we manage to break out breifly to hit a 2009 high of 947.25 before closing the day at 942.75. Our range today was 17.75 points, while we left our 922.25 gap from Friday unfilled.

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Click on photo to enlarge.

Our open today was 912.50, a 12.5 point drop from our Friday close. We had a quick run to our low of 905.75 right after open today, and from there we began a long day of what reminds me of the game Pong. (anyone remember it?) Bouncing around in a 5 point channel between 909.50 and 914.50. We did sneak out a few times, but each time managed to find ourselves back in the fence. 

Today's high came to us in the 11:17 minute @ 916.50, a far cry from the 925.00 we had to achieve to close the gap from Friday. Our close today did make it out of our channel as we managed to break through support with an aggressive sell in the end of the day. We touched our 905.75 low, then closed our day at 907.25. Watch for Point of Control tomorrow @ 909.75. Interesting thing today, down trend from Fri 3:00 held strong. Does that mean anything? Guess we'll find out soon enough.

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Looking at the past few days seeing the correlation in the charts as we enter into the "Bait" for the investors.

Looks like the market makers will take this to new highs and then  take it out.  

Psychologically, alot of investors are waiting for it to go back down again so they can get in.  That is where the set up will occur.  It won't go down for a period, Investors will get tired of waiting and will test the market with small buys into their mutual funds or a few Stocks that they like.  As they slowly increase their positions and they are feeling safer and safer, the market will turn against them.

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Fast inovators in real estate getting spanked.

Recently an article was written that states that the rate of home mortgage borrowers defaulting after their loans are modified, is rising and shows NO signs of leveling off, U.S. banking regulators said on Monday. The data showed that after six months, nearly 37% of mortgage loans modified in the first quarter were now 60 days or more days delinquent. After 3 months, 19 percent were 60 or more days delinquent or in the process of foreclosure. (This leads me to wonder if loan modifications are just a short term fix to the valuation problem)

“One very troubling point is that, whether measured using 30-day or 60-day delinquencies, re-default rates increased each month and showed no signs of leveling off after six months or even eight months,” John Dugan, head of the Office of the Comptroller of the Currency, said in a statement. The number of delinquencies rose across all loan categories, although subprime had the highest default rates. At the same time, nine out of 10 mortgages remain current, the joint report by OCC and the Office of Thrift Supervision said.

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Don't buy it, if you can't afford it.

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Day trading, accelerated declines and the dollar.

Tested the floor 738.50 and we closed underneath. This really isn't capitulatory volume. Would expect to see the volume to increase to at least 3 million shares.

We have lower highs and lower lows coming on.
News is not the best.

Universal Health care is a benefit bestowed upon a nations citizens when the economic environment is good.

The first two nails in the economic coffin of Real Estate and Banking (including financials) have already been driven in firmly. If we add to that Universal Health Care, Bonds, Insurance and Financial Derivatives, this year looks like it could drive our recession further.

How long will the Dollar hold and Deflation work to our benefit? This is the point of accelerated declines in the market.



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Communism and socialism are jealous of the US

Nationalization, funny how the communists, socialists and the rest of the worlds capitalistic bad guys are critisized for controlling their markets and exploiting their citizens. Shame on them.
It is intresting to take a look at this bear market compred to the previous. Not that past performance is indicitave of future performance….especially when there is social unrest and an inability to have good safe borders. We all know the Canadian side is fine.







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S&P 500 and the economy Obama's pledge

Stocks rose around the world, sending the Standard & Poor's 500 Index to a one-month high, as President-elect Barack Obama pledged to boost the economy with the biggest public-works spending package since the 1950s. Obama said Dec. 6 he will boost investment in roads, bridges and public buildings to create or preserve 2.5 million jobs after companies cut payrolls at the fastest pace in 34 years.

Traders increased bets the Fed will lower its target rate on overnight loans between banks to 0.25 percent from 1 percent on Dec. 16 after companies cut workers at the fastest pace in 34 years in November. Futures contracts on the Chicago Board of Trade show 76 percent odds of a three-quarter-percentage point cut, up from 26 percent a week ago.

The U.S. is starting to look like Japan in the 1990s, when the Bank of Japan struggled to revive growth as the combination of deflation and recessions stranded the nation in the so-called Lost Decade. Yields on Treasuries are falling as the government sells a record amount of debt to prop up the American economy.

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S&P 500 watch for the rally.....look at these levels, bottom is in..for now

Looking here for a run.





move down rejected trend line about to be tested.





We shall see.





Looking for new highs to come on.





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and this is where it went.......

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