A Bounce Off the Edge?

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SPX Daily 271212Happy Holidays, Friends. I’m back in the office today after some time off, and while I haven’t been posting much of late – the good news is that my desk has been exceptionally busy as we wind our way toward …

Time for a Fresh Start?

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Good Morning, Friends. Yesterday was a challenging day for those long of equities, most currencies not named “U.S. Dollar”, and metals. Now, it’s Friday, there are plenty of headline risks next week (particularly the Jun 28-29 Eurozone leaders’ gathering), and …

The More Things Change … Or Do They?

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Hi, Friends, here’s hoping that all is going well. It was a little nasty to have the non-farm payrolls number released on a day when cash equities were closed, but it was pretty clear that we were going to have …

Time Frames Matter

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It’s a pretty rare evening when I don’t take the time to watch Todd’s updates, which I always find valuable. On Friday, using the usual 3-minute futures chart, he noted that the downtrend in evidence in the early going reversed …

I Took Profits Too Early; Now What?

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Good evening, Friends. I often spend Sunday evening looking at charts, following a review of news and coming events for the week ahead.  Of the two big inputs that have been influencing investor behavior, the Greek debt situation and the …

A Pause in the SPX, or Something More?

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Good morning, Friends. A look at the daily chart of the S&P 500 index (SPX) shows, apart from a decline on the day, price action that has been moving steadily up and to the right. This is obviously very bullish, …

Waiting for a Pause that Refreshes?

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Good morning, Friends. This is a shorter-term (3 minute) chart than I normally post here; since the initial gap down at the opening, the SPX has more or less steadily recovered, but has moved back into what should be an …

A New Year, a New SPX High

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The correlation between the Euro (versus the Dollar, or EUR/USD) and the S&P 500 (SPX), which had been running at close to 0.9 as recently as late November, is breaking down a bit, and is currently at 0.71.  The implication …

So, Where Are We Now?

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This was the first day in a while that reminded me of trading during holiday seasons past. Actually, a 13 point range in the S&P is only modest relative to some of the crazier sessions that we’ve become accustomed to …