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monday morning
at 2007-02-06 15:26:23
SHORT TERM: stocks open lower to start the week.
Overnight the Asian markets were mostly lower, with only India's BSE displaying again to all time new highs. China's SSEC declined again as its correction continues. Europe came in slightly higher 0.10%, and our stock index futures traded a bit to the downside going into the open. At the open stocks traded lower, recovered a bit nearing 10:00, and then turned lower still. The anticipated short term pullback appears to be underway. Bonds are up 1/4 point, Crude is 55 cents higher, Gold also higher up $4.00, but the Euro is down. During the first few minutes of trading the R2K made a new high, but that was about it. On the economic front, there is not much going on this week. At 10:00, ISM reported that the non-manufacturing sector of the economy, its major part, continued to display strength, as it rose for the 46 month in a row. The Jan. reading was 59.0% verses 56.7% in Dec 06, its highest reading since last May. Sh
monday update at 2007-02-06 15:26:23SHORT TERM: stocks close mixed in quiet trading.
The stock market opened lower this morning and continued a bit lower until a few minutes after 10:00. After the ISM report, stocks gradually worked their way moderately higher for most of the day. The SPX and R2K made slightly higher highs for the bull market, but only by a few cents. Bonds closed about 1/4 point higher, Crude gave back earlier gains to close 20 cents lower, Gold closed $2.50 higher, and the Euro remained lower all day. At the close: SPX/DOW were mixed, and the NDX/NAZ were 0.15% lower. We did get that short quick pullback this morning in the SPX, and then moved higher. Yet there was little participation by the tech sector, as tech stalwarts Google and Apple traded lower most of the day. Both are still sliding lower since they reported their stellar earnings in Jan. The cyclicals, in the meantime, continue to support the market. Short term, the SPX could have completed a five wave advance from th
tuesday morning at 2007-02-06 15:26:23SHORT TERM: stocks open higher, but then turn mixed.
Overnight the Asian markets were mostly higher, with the only exception India's BSE. Europe came in higher as well, and our stock index futures were slightly higher entering the open. At 9:30, stocks rallied a bit as the SPX/NYA made marginal new highs. The rally lasted until about 9:45 when techs turned lower gain, pulling the market to unchanged by 10:15. The only economic event of the day, is a 1:30 speech by FED chair Bernanke at Chamber of Commerce in Nebraska. Bonds are flat, Crude is 70 cents higher, Gold is $1.00 higher and the Euro is up as well. Short term momentum, as measured by the hourly charts, continues to remain in slightly overbought territory for the cyclicals, but obviously not for the techs. Still mixed signals. Medium term, most of the indices remain in uptrends: SPX/DOW/NYA/TRAN/NDX/NAZ/R2K, despite the weakness in the tech sector for the past few weeks. Still expecting this market to move
tuesday update at 2007-02-06 15:26:23SHORT TERM: market closes mixed in moderate trading.
Stocks opened higher today, but the techs weighed stocks lower until around 1:00. FED Chair Bernanke gave a speech at 1:30, directed mostly toward politicians, responding to the recent rhetoric about inequality in salaries. His message was basically: to take away from those that have succeeded, to give to those that have not, does not help the economy. But to train those that earn less, so that they may earn more, helps the entire country to raise to a higher economic level. Stocks rallied a bit after the speech was released, but I believe it was looking for more information on the current economy. Tomorrow at 8:30 the Q4 Productivity number will be released and Unit labor costs. Then at 3:00 the Dec. Consumer credit report. Bonds rose nearly 1/2 point, Crude was 35 cents higher, Gold tacked on another $2.50, and the Euro rallied. At the close: SPX/DOW were about flat, and the NDX/NAZ were mixed. An improvem
NVEC - 011807; 15-minute chart at 2007-02-06 15:26:22NVEC provided a great opportunity today. I would have preferred that the 5MA be closer to the trigger/entry bar, and that the actual entry had been below the OR low. But, the perfect set-ups only come along every other day!
: )
NVEC gapped down and printed a wide-range first bar. It left long upper and lower tails which indicated indecision, but it did close red. The second, third, and fourth
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