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I'm running behind this evening so I'm going to go straight to the charts tonight.



NAMO and NYMO are hanging in there, but the momentum has definitely subsided. NYMO is sitting right on its 6 day EMA. Of particular note though is that the 6 day EMA signal on both charts shows that the EMA is close to a multi-month high. That could be problematic in a market that likes to turn on a dime. My thought is we make one more run higher before we turn ...

Market Commentary for 09/15/10 - The dollar, bonds and S&P

Current Daily Market Commentary


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It's OPEX if you're not already aware, and that means there's probably a floor under the market. At least for now.

This morning, retail sales for August came in at 0.4%, a bit better than the anticipated 0.3% increase. But strip out autos and August sales were up 0.6%, double the expected 0.3% increase.

Business inventories for July were up 1.0%, which was above the anticipated 0.7% increase.

Something to take note of is that fact that the S&P failed ...

Market Commentary for 09/14/10 - 8 of 9

Current Daily Market Commentary


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It took the Seven Sentinels quite a bit of time to flip back to a buy, but that's how much the market was on the ropes when it tagged SPX 1040 for the third time a mere 8 trading days ago. Since the 1st of September there's only been one red close and the S&P has advanced about 7.8% in that time.

But significant resistance looms around 1130 for the S&P. I suspect we'll surpass and close above that level to convince as many as possible that the rally is for real and to get as many ...