Market Look

Market way off early lows. Look where BAC, JPM and the whole XLF held this morning…right at the all-important 50 day moving average…a place in bull phases where the big boys stand up and defend the turf. This will be vital to the market that this area holds. When you have a chance scan those…

Futures down decently. My goodness. We may just get that whopping 1% bear market. (sarcasm) Just remember what we have reported to you: Our sentiment indicators have been flashing red for a few weeks. Bullishness and speculation have been rampant. Again, that does not mean a correction is ahead. Sentiment is a secondary indicator. It…

We believe this is a bubble. We also believe it can go much higher. Bubbles can go farther and longer than anyone believes. But to think this is  a currency…not! This is not how currencies work. This is how speculation works. Good luck! As we have stated…just do not be the last one in…from wherever…

Quiet open. A couple of notes: UTILITIES breaking out as long rates been coming down. Lower rates have caused FINANCIALS to back up. The 9500 area may lend some support to the TRANSPORTS…right near the 200 day moving average. Overbought ENERGY indeed pulling back but needs to be watched on pullbacks. BWLD gets buyout proposal….

Futures are down a bit. Strong Japan down 300 overnight. Europe weaker. Bonds stronger, yields down…meaning financials pull back. There has been a direct correlation with higher rates on the long end and higher stock prices. Just remember what we have written in past days about internals. It does not have to lead to anything…

Firstly, over the past few weeks, we have seen several famous pundits come out and state that the market was headed for a bear market. Not an ordinary bear market but a bear market in the neighborhood of a 50% drop.  They could be right. After all, we are the ones who have been saying…

Rough day but could have been much rougher. Major indices came back a decent amount off the lows. Just recognize, there is distribution up here. It does not have to mean anything. Just a point in time where the overall settles down and has normal pullbacks but: To repeat: TRANSPORTS now below 50 day. We…