05/28/2009

4:04pm

Market closed with SPX gaining 1.5% with financials and energies leading the rally.   The coin is wrong today and it says tomorrow is down

SPX has no two up days in a row in May, let’s see tomorrow.

 

my take on tomorrow: gap down, fill the gap then head down; close at day low.  yeah, agree, this is bear biased :)

 

3:13pm

my favorite top pattern:  diamond top

 

 

3:08pm

Yield is fading now and investors are gaining confidence in the new bond issuing. 

 

 

2:30pm

Reverse head & shoulder pattern on SPX?  If that’s the case, we may visit yesterday’s high.   Midterm view unchanged, if that happens, I will take it as a chance to add positions.

 

1:48pm

Energy sector is strong.  Oil, based on the measured move, will be the last pop.  I doubt it will move much higher from here. 

 

 

 

1:31pm

A minor A-B-C correction is done.  market will fall from here.  yield is still high.

 

 

1:14pm

Ten year treasury yield is still souring up.  today is another good chance to add short position.