Back to Work
A few pictures from my trip.
I need some time to analyze the charts, haven’t looked at them even once on vacation.
As always, a brief 8-word summary of the stock market events for the past 2 weeks would be appreciated 😀
A few pictures from my trip.
I need some time to analyze the charts, haven’t looked at them even once on vacation.
As always, a brief 8-word summary of the stock market events for the past 2 weeks would be appreciated 😀
Kat,
It went up, it went down, then up.
jog on
duc
Duc,
when did it go down? 🙂 Don’t see it on the charts. Seems the day I left it started going up and hasn’t stopped even for a day.
Welcome back, Phanta 🙂
Where is it?
Especially “Царство Ароматов”, is that the Black Sea?
Here is a 9.5-words brief, that sum up the last market events 🙂
The McMillan Options Strategist Weekly:
The breakout rally, started when $SPX broke out over 950 — and thus out of its trading range — continues to be strong. The $SPX chart is positive in that there is a clear uptrend line now, and the moving averages are rising . Having said that, there are several indications that this market is severely overbought. One is that $SPX has now risen above its 3-standard deviation Bollinger Band something that rarely happens.
The equity-only put-call ratios remain on buy signals. The standard ratio had wavered a bit this week, but the computer program that we use to analyze these charts had resolutely stayed bullish, and now both ratios are making new relative lows again. These ratios are not overbought, as they are not that low on their charts. What is overbought, though, is market breadth.
Market breadth has been extremely strong, and is overbought at a result. Normally, strong breadth on a bullish breakout is a very positive thing, and that appears to be true again this time. The volatility indices ($VIX and $VXO) moved higher this week. It is quite unusual to see $VIX rise at the same time that $SPX is rising. In a broader sense, $VIX is still in a downtrend, and that is bullish for the broad market.
In summary, the market is bullish but overbought. We would expect a correction of 50 $SPX points or so to begin soon, to alleviate this overbought condition, thus paving the way for higher prices.
Hi R.,
yes, that’s Crimea. I stayed in Gurzuf for a few days and travelled around a bit. Mountains and sea, my fav. combination. The air was awesome, every breath was like drinking pure spring water 🙂
Thanks for the summary. “Overbought” but what is overbought can stay overbought for a long time.
I remember you were an intermediate-term bear. Does this look like a new bull market to you (within the context of a bear market)? Like 2002-2007?
IMHO, the market around the world seems pretty psychopatic and crazy.
Where the last Crash??? That’s all? It’s gone?
May be, somebody big just smokes that green shoots?
I don’t understand nothing…
But…
The trend is your friend, do you remember?
So…
I don’t see nothing, except the options market.
This is time for non-directional strategies, for the volatility’s buying and selling.
This is time for the intraday and short swings on the big indicies, i think.
I hate politics very much indeed, but you can check up through Google about Russian-Georgian situation and Iranian nuclear dev. I think, Sept-Oct 2009 will the moment for big black guy, to show us his unspeakable possibilities…
Do you travell to your Vaterland also?
I’ll email you.