If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Friday, January 10, 2014

Daily update 1/10

Resuming the uptrend?  Here is the daily SPX chart.

The daily chart has a green bar so the short term trend should be up once again. It did not close above yesterday's high yet.  We need to see that happen for confirmation.   Next week is option expiration which has a strong upward bias.  Yesterday's low of 1830 is the downside pivot in case it reverses next week.  Check out the TLT chart.

TLT really liked the employment report miss.  It broke the upper trend line on a volume surge.  There are probably enough bond shorts to cause a significant move up.  The utilities surged along with other rate sensitive things like home builders and REITs.  We will have to see exactly what affect this might have on stocks longer term.  When QE1 and QE2 ended bonds went up and SPX went down.  I don't know if it will be different this time or not. 

The market and sector status pages have been updated.
Have a great weekend all,

No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.