Good Afternoon, Bernanke is still fielding questions. Overall, I think the statement wasn’t that much different from my expectations in yesterday’s market commentary. There is still the possibility for more QE through various “tools”. He stressed looking at economic data, so let’s continue to monitor that starting with tomorrow’s claims and Philly Fed. Technically, it [...]
Good Afternoon, When I said “up week” in yesterday’s blog, I wasn’t thinking it could be this big. But, then again, we do have the Fed tomorrow. What does the market like to do ahead of the Fed? It tests it. Remember all of the “stress tests”? Well, the Fed has passed every one. Will [...]
Good Afternoon, Fundamentals first. Bernanke, Bernanke, Bernanke. That is right. We have the FOMC up on Wednesday. We also have Philly Manufacturing and claims. We already had the NY fed and that was better than expectations. Could we have an upside week? Why would I say that? Well given what the Aisan markets have done [...]
Good Afternoon, Without economic data, we let the international fundamentals take over: Greece. Europe was down pretty significantly for a 3rd day. The SPX is now close to its support area of 1608 and 1600. I haven’t looked below that for technical levels using support, moving averages, or GASP!! a Fibonacci that shows retracement [...]
Good Afternoon, Finally, we can use Fibonacci’s on the SPX as we did have a sizeable retracement (4.5%). Now the question becomes, will we see a lower low and then, possibly a change in the sequence. But first, the fundamentals. A rather light week. But we do get retail sales, claims, PPI (yawn) and consumer [...]
Good Afternoon, Is it really back? Is Fundamental Data going to drive the markets? Today we saw dollar strength as the US Treasuries broke on better than expected economic data (see CHPM). But late in the day, we had money flow back into the US Treasuries as money came out of equities. So you [...]
Good Afternoon, Fundamentals don’t pick up until tomorrow. Technically, I posted 3 support lines yesterday. Guess what? Today, we found one. We found that 1640 support level and bounced back up to another support area (where we close) at the 1650 level. Will we actually have two negative performing weeks in a row in [...]
Good Afternoon, Last Thursday and Friday showed the bulls in charge. With so much buying pressure and a quiet “international event” weekend, stockss took off. Looking at the broad index, we have some very local support and resistance ranges. What will get the SPX to push above the resistance line? Will it be good economic [...]
Good Afternoon, Thanks for listening in on IBFX’s “Open Discussion on Technical Analysis” webinar last evening. We stressed the importance of fundamental analysis when setting up a technical analysis-based trade (and trading parameters). Today’s fundamental data took a backseat to yesterday’s news and we swung wildly all day long. But keep in mind, we do [...]
Good Afternoon, For additional reads on the Bernanke statements, please refer to fundamental analysis stories such as this Bloomberg article. Yesterday’s post contained a very important statement. It was the last sentence, which read: “continue to do your fundamental analysis every day”. That is very important, especially when Central Bankers are speaking. Today, Bernanke gave [...]