Technical Update

Market Leadership in the Soft Patch While the S&P 500 is down only 2.2% from its recent peak, the tone of the market has turned substantially more cautious. This is evident in the recent outperformance of defensive sectors, described earlier. It is … Continue reading →

The financials are short term overbought and prone to profit taking . Following a strong recovery from the March 2009 lows the sector has been going sideways to down since March this year. BAC is down 45% from its high in MARCH. … Continue reading →

The Fed meets today and this is being viewed as the last chance for Ben to be easy. Next year Bernanke will face a more hostile senate and is more likely to take a hawkish stance. Volume is light, commodities are leading … Continue reading →

Market Update: The market is obviously having a lot of difficulty penetrating the 1150 level and holding above it. This is adding more evidence of a short to medium term top . Next week has in the past seen the market … Continue reading →

The rally on Friday was far less impressive than the rally last Monday. We are again up against the 1150 level which was the High of Jan 2010. The market is also getting more selective which normally precedes a correction. We have … Continue reading →