RE: I'm not so sure, we're still solidly below the 50.....if we spend a few more days below it there's not much other support south of there for a looooooooonnng way. A little at 1150, otherwise it's the coyote in air formation:
I agree.
I posted this April 29 based on the 6 month SPX in google:
There's a nascent head and shoulders pattern forming in the indexes' behavior. If we get a strong couple of days, it will be "overwritten", otherwise it will likely be taken by many money managers as a sell signal.
There's been a lot of talk about Greece's problems, but I think that longer term it's the rise in the price of oil/gasoline/food that's creating a headwind for the economy.
Gas over $3 a gallon (and headed higher) will slow everything down. Food prices are also up. There's just too much inflation in basic goods and too little increase in purchasing power to let the economy really take off (which is what's been priced into the markets). Message 26497027
google.com
I posted this when the second shoulder was becoming clear, but there was that weird double lower shoulder that had me thinking I'd messed up by buying puts on May 3: Message 26506548
I picked up some puts on the SPX at the open, this morning.
Oh well.
I posted this yesterday:
I'm feeling better about those puts....
:-)
Today's news about roundup failing and the ongoing saga of the oil spill mean that everyone's models have to be recalibrated to account for higher food and energy prices (at the margin) going forward. In some ways, the story about roundup resistance spreading quickly (and rather suddently) is more of a problem than the oil spill. nytimes.com
The charts for the indexes look broken. If it goes down for a bit, will S&P 500 hold at 11,000 or not bounce until 1,050? (or just resume its climb, from here?) Message 26509416
It was pretty much a straight line up from 1,100 in the SPX, for no good reason often against bad news. 1,165 is the only support blocking a long, long, run down and we didn't bounce off it worth a darn. And these losses have been against impressive good news (well, far, far, less bad) on payrolls, retail sales, manufacturing increases, and unemployment.
There have to be some fund managers looking at this and thinking it's time to take some profits and then get out of the way, just in case. The 6 month S&P 500 chart is an ugly, ugly, chart. |
