We discuss today’s selloff through support and highlight some important lessons that the market taught us. We are bullish heading into next week, especially the financial sector. We also like technology, but are waiting for a breakout before we get long.

Corrections: When discussing the USO, I meant to say that “we might see some give in the price of oil“. When discussing the QQQQ chart, I meant to say “everyone was talking about how weak big cap techs were”.

Comments Off

We discuss current market psychology and how traders should be thinking about this market heading into options expiration.

5 Comments

We discuss today’s move lower and look at some encouraging signs that the market may hold the 1335 support level. However, this depends greatly on the price of oil and we remain cautious and on the sidelines as we head into options expiration on Friday.

Comments Off

We discuss today’s market action as the S&P bounced against resistance at 1370 before selling off and closing at its lows of the session, at 1351. The market was led lower by financial stocks. Oil held support all day ahead of tomorrow’s inventory report. Tomorrow, we will also hear earnings form Morgan Stanley before the bell.

4 Comments

We discuss the pause day in the markets ahead on tomorrow morning’s earnings report form Goldman Sachs. Oil reached a new record intraday high of $139.89 before a significant reversal to close in the red at $134.61.

Comments Off

We discuss the bounce higher that we called for in yesterday’s video as the S&P rallied 20 points to the 1360 level. We look ahead to next week, which is options expiration.

Comments Off

We discuss yet another volatile day of trading as the S&P rallied, gave back all its gains, and then rallied again to close near 1340. Oil also had a wild day, reversing off its lows and closing in positive territory. Oil appears to be very near a top. The S&P is setting up for a technical bounce higher in the short term, confirmed by a bullish divergence on the MACD.

Comments Off

We discuss today’s strong sell-off through support levels led lower by financials and higher commodity prices. Several bank and broker stocks are trading below “Bear Stearns” levels and are not showing signs of a bottom. Oil rallied over $5 and the national average price at the pump rose to a new record of $4.05. We look at support levels in the S&P and are trading very cautiously in these volatile times.

2 Comments

We discuss another volatile day of trading that left the major indexes near unchanged. This is a choppy market suited for day-traders. Oil acted bearish, having been up $3 and then reversing lower to close down $3. The banks continue to act very weak. The dollar rallied on Bernanke’s signal that rates may rise.

Comments Off

We discuss the pause day in the markets after Friday’s huge sell-off. Financials can’t catch a bid. The NASDAQ looks to be consolidating in a channel, preparing for a rally higher. Oil also looks like it might have some more upside, though it is near a top.

6 Comments