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

Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

Up 10/2/20

Up 8/21/20

Up 10/9/20

Sub-Intermediate

?- 10/26/20

? 10/28/20

? 10/26/20

Short term

Dn 10/26/20

Dn 10/27/20

Dn 10/26/20


Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

Tuesday, August 8, 2017

Daily update 8/8 Roger McNamee on the Facebook and Google menace

Pretty strong reversal.


SPX headed north mid morning for some unknown reason.   With the market going sideways for a couple of weeks I suspect somebody decided to juice the futures to squeeze the shorts.  Once that was done they unloaded the futures (at a tidy profit most likely) which started a cascade back down.   Breadth was -61%.  New highs increased some to 142.  New lows also increased to 61. 


The futures were real quiet overnight.  It was after the market opened that the buying started.  I see the futures have hit the lower channel line after hours.  Tomorrow is going to be important. 


The red line is still below 50, but did turn up a bit today.  Still non committal, but the bears are making an attempt to get control.

We have not seen a reversal from new highs in SPX like that in a very long time.  The day reminded me of the final high in Oct. 2007.  Only then the breadth at the high was much stronger then today and there were a lot more new highs.  The breadth today was only +56% at the high.  The bulls really didn't have their heart in the up move.  So was today meaningful or just another blip on the way higher.  Given the weak internals we have had for a while a short term top seems likely.  We could be starting the infamous Q3 correction.  With the current technical and sentiment backdrop it is also possible this was the bull market top.  Time to pay attention to see if the bears come out of the woodwork. 

I have heard Roger McNamee interviewed a number of times on CNBC.  He is a very smart and forward looking individual.  This is a good article.  I invested early in Google and Facebook and regret it. I helped create a monster.

Bob

No comments:

Important

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