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Written by Jim Patterson
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Sunday, 18 November 2007 |
Here’s the Deal:
A stealth Bear market:
The obvious: the indices
are 7% to 9% off their 52-week highs though remain up 4% to 7%
over the past twelve months. On a year to date basis the spread
is quite large with the S&P 500 up 3% vs. 15% for the NDX. The
main indices have quickly retreated from their 52-week highs
while the bulk of the stock market has been lagging way behind
with the Russell 2000 down 3% on the year.
The last six months
conveys a telling picture. The chart below shows the SPY with
its six-month rate of change. It is currently about -5%.
Excluding the bear market period from 00 to 02, there are only
a few brief times when the SPY was not marching higher on a six
month basis.
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Written by Jim Patterson
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Thursday, 15 November 2007 |
Here’s the Deal:
The good news is that
rained here in Atlanta. The bad news is the market rained on
the bulls (and my) expectation for some follow through to
Tuesday’s rally. I'm a bit under the weather today, as a result tonigh's report is somewhat brief.
After the big melt up on
Tuesday, one thing that would have gone a long way towards
cementing a new uptrend would be for the market to shake off
some negative news and work higher. Thursday the news wasn’t so
good and the market was unable to shake it off. It was pulled
lower into what I believe is an options expiration driven
abyss.
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Last Updated ( Thursday, 15 November 2007 )
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Written by Jim Patterson
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Wednesday, 14 November 2007 |
Here’s the Deal:
Last night I said: “The
worst thing for the bulls is a gap higher on the open.” So what
happened? Of course, it gapped higher and the opening highs
were effectively the highs of the day. The opening gap higher
is it left the market with no where to go. Once the opening
action was behind us, all the market really could do was just
sit there and sweat it out and everyone got paranoid. When all
the afternoon push higher could do was “hold in the range” the
run and gun crowd hit the bids which in a paranoid market
quickly dried up.
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Last Updated ( Wednesday, 14 November 2007 )
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More...
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TTO Daily Update 11/13/07, Yep, we were close all right
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TTO Daily Update 11/12/07, getting close
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TTO weekend Update 11/11/07
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TTO Daily Update 11/08/07
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TTO Daily Update 11/07/07, Not a low yet
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TTO Daily Update 11/06/07
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TTO Daily Update 11-05-07
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TTO Weekend Update 11-/04/07
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TTO Daily Update 11/01/07
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TTO Daily Update 10/31/07
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