Market Moves Further into Overbought
The market is now more overbought. Obviously all moves today and tomorrow are predicated around an agreement in Washington and prices are reflecting a deal will get done. There’s a chance for another move higher but a short-term pullback will be in store. For today’s official Daily Battle Plan set-ups click here.
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ETFs Moving to Overbought
There’s a plethora of ETFs with ConnorsRSI readings above 80 coming into today and even though this market could continue to rally, a pullback is likely within a day or so. Today’s Potential Opportunities on Further Pullbacks: Stocks DGX ETFs GDXJ Click here to launch your free, 7-day trial to the Daily Battle Plan […]
Budget Talks Spur Market Rally
On Monday and Tuesday I mentioned that any movement in the budget talks would likely lead to a large rally. Historically when so much confusion comes into place, portfolio managers just stop buying. They usually will wait until there’s a safer time to buy and that occurred yesterday as they opened the DOW 170 points […]
The State of the Markets
Well, this pretty much summarizes the state of the markets heading into Thursday…Responding to news that Fidelity is selling short-term debt ahead of the looming debt ceiling, Pimco’s Bill Gross says his firm is doing just the opposite. Enough said for today. The above excerpt is from Larry Connors’ Daily Battle Plan – A professional-grade […]
The Market Hoax will continue with Yellen
In the previous commentary I included the SPX monthly chart of this bull market which outlined the extreme O/B condition and negative 5 RSI Divergence from the 1687 to 1730 cycle high. It highlights the 91.30 RSI at the 1687 high, and the negative 123 declining momentum divergence with the SPX. I also said the […]
Who’ll Blink First?
Two 100+ point down days and as I mentioned Monday morning, this is unfortunately what it takes to get Washington’s attention. Yesterday was interesting because it’s the first day in quite some time I saw a flight into the defensive stocks in the S&P 500; many which rose over 1% for the day. This type […]
Market Waiting on Washington’s Next Move
At this point of time, the market will move in the perceived direction of the budget talks. Any inkling of a deal will likely send prices skyrocketing because the selling has been relatively light – there’s been a lack of buyers and they are waiting for safety before committing. Yesterday’s 100+ point down day was […]
Potential for Sell-Off Looms
The market is neutral but with the potential for a large sell-off this morning, a good buying opportunity may be there at the end of the day. Washington has historically had a knack of creating panic before coming to agreements and a few 100+ point down days will likely get them to see common ground […]
Getting Ready for Monday Morning’s Trading
Here are the stocks and ETFs you need to know for Monday morning’s trading. Click on any symbol below to get detailed technical data and analytics for these featured ETFs. ConnorsRSI Market Conditions SPDR S&P 500 ETF SPY 70.70 Powershares QQQ QQQ 73.65 SPDR DOW 30 ETF DIA 63.26 Russell 2000 ETF IWM 65.45 S&P […]
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Oversold to a Default
The market is now oversold and with headlines like this on CNBC.com “First a default, then a depression?” Some think so” it’s time to begin scaling into the market. Have a great weekend! Today’s Potential Opportunities on Further Pullbacks: Stocks: CVX,IRM ETFs: EWJ For today’s official Daily Battle Plan set-ups click here.