Thread: tsptalk's Market Talk

Yellen quotes today:

"In other respects, economic and financial conditions remain less favorable than they did back at the time of the December FOMC meeting."

"In particular foreign economic growth now seems likely to be weaker than this year than previously expected, and earnings expectations have declined."

And stocks rally.

Full speech

Originally Posted by tsptalk

Yellen quotes today:

"In other respects, economic and financial conditions remain less favorable than they did back at the time of the December FOMC meeting."

"In particular foreign economic growth now seems likely to be weaker than this year than previously expected, and earnings expectations have declined."

And stocks rally.

Pay no attention to the man behind the curtain. Everything is fine.

Sent from my SCH-I535 using Tapatalk

A little follow up on GLD. The gap was filled on Tuesday and that seems to be holding as resistance. I just sold half my position today (118.17) and if it looks like it is going to close below 118 today (too much resistance?) I will sell the rest before the close. Otherwise I have a stop in just below 117. Best case, it closes back in the pennant and we see the fake-out / breakout effect of a pennant.

Originally Posted by tsptalk

Like the AGG bond chart I post in my commentary, gold is also in a pennant formation and surprisingly the bullish pattern broke down - mostly because the dollar has been rising. But these patterns can do the fake-out / breakout dance so give it a few days to before declaring this a breakdown. Plus it would have to rebound back into the pennant to fill the open gap created this morning. I'm not a gold bug by any means - I don't own any at the moment - although buying some for a quick trade to fill that gap is on my radar. I just like to watch how common T/A patterns play out.

Japan is looking a little wobbly tonight...

Is Wobbly a technical term?

Originally Posted by tsptalk

Japan is looking a little wobbly tonight...

Originally Posted by weatherweenie

Is Wobbly a technical term?

I believe it's the name of one of the Elliot Waves.

The Trannies have fallen below the 200-day EMA this morning, and below the rising support line. The 50-day EMA needs to hold otherwise there's not much support below.

Trannies struggling to get back above the 200-day EMA after rebounding off the 50 EMA. Where it closes could be key.

Uh oh markets looking bad, time for the fed to print more money

Boy, those small caps are having a bugger of a time getting above the 200-day EMA...

I think you just jinxed the S-fund (lol)

S-Fund.png