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Monday, November 11, 2013

Daily update 11/11

I don't usually get into things not market related, but I will make an exception today.  I would like to thank all those who have served in the military.  I have a number of veterans in my family and I have a pretty good idea of the sacrifices made.  Thank you very much.

Today was a snooze fest.  I forgot on Friday that today was a quasi holiday as the bond market was closed.  Here is the daily SPX chart.

I connected the recent highs and lows and there is a bit of an odd pattern forming.  It kind of has an expanding triangle look.  The top line is nearly horizontal representing the stiff resistance at 1775 we have seen so far.  The bottom is opening up somewhat though.  Today did not tell us much as SPY closed every hourly bar within a few cents of Friday's close.  I think we will get some more information tomorrow.  Either rally chasers show up soon to send price higher or we will end up rolling over.   The internals are very weak so a prolonged trading range seems unlikely to me.  Those usually start with strong internals.  Breadth was marginally positive again and new highs were 126.
Not really enough strength to say we are about to break out. 

After the last FED meeting TLT, GLD and SPY all went down while UUP went up.  Since that time every ETF besides SPY continued their post FED moves.  SPY started to follow on Thursday, but came bouncing back on Friday.  Is SPY going to play catch up or just plain buck the trend?  I think we will find out pretty soon.

Chart practice has been updated with DFS the stock tonight.


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