See my old comments PRIOR to the most recent correction on the
daily chart below (it has been sharper than the 2012 pullback). I
reviewed some options last night in the newsletter including a
potential ending diagonal scenario shown on the 60 minute chart
below which would have prices moving lower once this bounce
completes as depicted. What was support now will act as resistance
1598 and 1608. If the bulls overcome 1600 then watch 1608-1619 area
(which represents the .618 retrace and the 50 day MA). Keep an open
mind and respect your triggers.
Thanks for the charts...I am sitting in cash..tried some longs
but too choppy action...no convincing volume..look at XLF it is
already getting close to backtest the broken support on light
volume...also JPM,C ,BAC volumes very light. I may buy some FAS
puts based on tomorrows action...but today I am practicing the art
of sitting tight
Posted by morton13 on 26th of Jun 2013 at 03:17 pm
just an fyi - i read a report this morning which suggests some
of the larger banks may have some very large bond portfolios with
the excess liquidity and the reluctance to make loans and they may
be taking a large hit to their capital this quarter. the
report suggested that regional banks are a better investment.
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SPX Charts
Posted by steve on 26th of Jun 2013 at 09:22 am
$SPX - Chart Link
$SPX - Chart Link
Rose:
See my old comments PRIOR to the most recent correction on the daily chart below (it has been sharper than the 2012 pullback). I reviewed some options last night in the newsletter including a potential ending diagonal scenario shown on the 60 minute chart below which would have prices moving lower once this bounce completes as depicted. What was support now will act as resistance 1598 and 1608. If the bulls overcome 1600 then watch 1608-1619 area (which represents the .618 retrace and the 50 day MA). Keep an open mind and respect your triggers.
Thanks for the charts...I am
Posted by rose123 on 26th of Jun 2013 at 01:56 pm
Thanks for the charts...I am sitting in cash..tried some longs but too choppy action...no convincing volume..look at XLF it is already getting close to backtest the broken support on light volume...also JPM,C ,BAC volumes very light. I may buy some FAS puts based on tomorrows action...but today I am practicing the art of sitting tight
Hi Rose123
Posted by morton13 on 26th of Jun 2013 at 03:17 pm
just an fyi - i read a report this morning which suggests some of the larger banks may have some very large bond portfolios with the excess liquidity and the reluctance to make loans and they may be taking a large hit to their capital this quarter. the report suggested that regional banks are a better investment.