Interesting! Microsoft has almost come full circle. It was up about 4% after the bell, down 4% at the open, and now closing in on being flat for the day as it trades at this morning's high.
Dumb money at peak levels. In the past this has marked every significant downturn.
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Interesting! Microsoft has almost come full circle. It was up about 4% after the bell, down 4% at the open, and now closing in on being flat for the day as it trades at this morning's high.
Tom
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I have mixed feelings about the action. This poor guidance from Microsoft could be the shot heard 'round the world about economic expectations, but the charts are indecisive right now. A close near the lows today would tell us a lot - not everything since we do have some bullish formations in those inverted head and shoulders patterns and a right shoulder formation may need more time, but it would be another failure at resistance.
A strong close would tell us that the market may have priced in the slowdown caused by the Fed's rate hikes, which they have made no bones about, so the market has had plenty of time to adapt to that hawkishness. So the selling could be a knee-jerk reaction with dip buyers waiting in the wings.
The S&P 500 is still holding above the 200-day simple moving average but it fell back below the 200-day EMA. If it can move up and close a 3rd day above it (it's about 5 points below it right now), that would be a good sign.
Tom
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I'm thinking of some Jeffrey Gundlach (sp?) said a couple of weeks ago. if the yield on the 2-year Treasury gets below 4%, the Fed may be forced to slow his roll. What if that happens before Next Thursday's FOMC rate hike day?
Tom
Market Commentary | My Blog | TSP Talk Plus | |
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We had a little breakout in the S-fund this morning, although it has come back below the neckline to address the gap it opened up on the higher open.
The I-fund is struggling on the rally in the dollar after the stronger than expected GDP report.
Tom
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Unlike yesterday where it started red and finished green, I hope it stays green. Even a little.
May the force be with us.
More upside in the dollar and yields is putting a little pressure on stocks, particularly the I-fund, but the US stocks are battling back from two attempts by the bears to push things lower.
Tom
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I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
The market opened sharply lower this morning, but the dip buyers were close at hand, partially filling in the overhead gaps created.
Yields are up slightly, the dollar is down slightly.
There will be a lot of jockeying for position in from of this busy week of earnings and Wednesday's FOMC meeting.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
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Correction: The FOMC meeting is January 31 and February 1. I believe I had posted previously that it was Fed 1 and 2. Sorry about that.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
The Transports are leading on the upside with UPS up sharply. The chart continues to build on that right shoulder of an inverted head and shoulders. These tend to break to the upside and being the market leader, it may have to if the January rally is going to keep going in February.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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