Markets float along sideways today thus far. UTIL remains elevated at 475.24, ditto JJC at 47.19. Volume remains weak. The euro remains elevated at 1.3459. Crude oil is up, now at 97.52. Brent is over 118. Another day with bulls celebrating the upside. Bulls are trying to push up through the 1518-1519 all morning long but are meeting resistance. TRIN is 0.82 so you know what that means. If the TRIN remains at 0.82, the bulls will rule all day. If the TRIN moves up towards 1.00 as the day moves along, the markets will sell off. VIX is stalled at 13. KORS earnings today helps to keep the RTH elevated. The party continues. The hour is late but the tavern has not turned on the house lights yet, so the band plays on. The band leader just chose The Last Waltz as the next selection. The SPX is at 1519. The 1518 should lead to 1522.
Note Added 2/12/13 at 2:31 PM: UTIL is 476.16, the bulls making a statement that they plan on keeping the markets elevated. JJC 47.17. TRIN is 0.81 so you know the markets will be up. The SPX is 1520 with a HOD at 1522.29. The 80/20 rule is occurring since 1480 led to the 1520's and 1518 led to 1522. The Frankenstein flat-top at 1518, that could have been a head for an H&S near-term, is negated with the higher SPX. The current highs may serve as a head for an H&S moving forward. The SPX has moved sideways through 1500-1520-ish for the last three weeks plus, 20 handles. The Dow is over 14K. Volume remains light at a run rate of only about 60% of a days average expected volume.
Note Added 2/12/13 at 3:07 PM: Nasdaq lagging today. AAPL is down over 2% and filled the 460-480 gap but left behind a gap at 455-460. FB is takin' the pipe today as well down 3.4% on downgrades. The last look at FB in January had the idea of a sideways move through 28-32. Looks like price is losing the 28 support, now at 27.30. FaceBook has a gap at 27 also at 26. A close under 28 would turn 28 into resistance. The SPX December 2007 top at 1523.57 (12/11/07) was mentioned on the weekend. The SPX topped in October 2007, the market top. After the initial drop back then, price bounced and came up to the 1523.57 top in December 2007, then continued the trek down to the 2009 lows. The 1523.57 is key resistance. The HOD is 1522.29 only 128 pennies away. (Type 'SPX S/R' in the search box in the margin to bring up the latest support and resistance numbers for the SPX typically updated and posted on the weekends). TRIN is 0.85 so bulls have their feet up on the desk.
Bear capitulation coming? To be followed closely by correction?
ReplyDeleteseems like... any meaningful correction preassumes shorts covering...
DeleteV.
The pesky politicians are always a thorn in the side. President Obama's State of the Union tonight will either leave traders in an optimistic hopeful mood or lead to big disappointment. It is interesting that MAS earnings, plumbing fixtures, encourages the housing sector today, however, VAL, paints, off a cliff, and that is ignored. Everyone knows that houses only need faucets and do not require any paint. it is the goofy nature of markets these days. DE will likely carry big clout tomorrow. TRIN is 0.83 so bulls are happy today.
ReplyDeleteBuffalo Wild Wings Reports After Close plumbers got to eat...
ReplyDeleteBWLD will probably provide happy news since folks were stuffin' their faces with wings on Superbowl day, probably some laying in the wings face down after having one too many. BWLD is filling a huge gap from October on the daily chart. It has a strong sideways vibe to it moving forward for the weeks and months ahead, its trying to break up thru the 50-week MA right now. Lots of buying interest today.
ReplyDeletethe bulls are strong buying the dip stock is holding on for dear life...
DeleteThe DBI (Douche Bag Index) is skyrocketing right now, as Loyd Blakenfield makes his "big announcement" on CNBC that we're at the beginning of a bull market. Really, LLyod? Really? You don't say.
ReplyDeleteBWLD beats on revenue, misses on EPS. Down 6% after hours.
ReplyDeleteI'm absolutely certain at least I'm pretty sure I am.
ReplyDeletesure about what?
DeleteBWLD and CLF were beaten up last night and this morning. Must have been a bad wing during the Superbowl game for BWLD. Lack of interest in iron ore, means same for steel, and no steel means no construction.
ReplyDelete