• Free Book
  • Store
    • Books
    • Free First Chapters
    • Free Newsletters
  • Recent Articles

TradingMarkets.com

Quantified Stock Market Trading Strategies & Systems

  • Home
  • New Trading Research
  • Education
    • Articles
      • Connors Research
      • ETFs
      • Options
      • Stocks
      • Volatility
    • Trading Lessons
    • Connors Research
    • Glossary
    • Interview Archive
    • Videos
  • Python
  • Quantamentals
    • Quantamentals: The Next Great Forefront of Trading and Investing
    • Quantamentals Resources
  • Courses
  • Store
    • New Book! The Alpha Formula
    • “Buy The Fear, Sell The Greed” – Best Seller!
    • Swing Trading College 2019
    • Trading Books and Guidebooks
    • Street Smarts
    • Online Trading Courses
    • Private Mentoring with Larry Connors
    • Customized Trading Research
    • Amibroker Strategy Add On Modules
You are here: Home / Stocks / Commentary / The Game is On

The Game is On

September 17, 2010 by Kevin Haggerty

From 1990 to 1997, Kevin Haggerty served as Senior Vice President for Equity Trading at Fidelity Capital Markets, Boston, a division of Fidelity Investments. He was responsible for all U.S. institutional Listed, OTC and Option trading in addition to all major Exchange Floor Executions. For a free trial to Kevin’s Daily Trading Report, please click here.

Commentary for 9/17/10

Since the last Commentary for 9/13, the SPX has traded in just a 1.1% trading range this week, which you see on the enclosed chart. The SPX is +8.4% in 13 days so far for this rally off the 8/27-8/30 key time zone, and S/T-O/S condition after the -7.9% decline from 1129.34 to 1039.70. They were minor tops and bottoms. The market has worked off the S/T-O/B condition by trading sideways for the last week.

The QQQ is +4.8% in seven straight up days as the “herd” chases the Tech stocks front running the different tech conferences coming up and will probably sell them after, just like the earnings game. The SPX has bumped up against the 6/21 1131.24 and 8/9 1129.24 highs for the last four days, and they will get taken out today on the Triple Witch expiration [Quadruple means nothing] or early next week.

In the last commentary I said that the key catalyst for this market to sustain this current rally for a bit longer is if the perception continues to grow that the Socialists will lose the House in November, and that the Republicans will also win enough seats in the Senate to cause gridlock, and hopefully repeal some of the draconian new business regulations that keep growing with the fine print, that hardly anyone reads when these bills are passed.

The current rally is being led by a small universe of big cap stocks, and the entire rally has been on very light volume, and mostly accelerated by gap up NYSE openings accelerated in Europe and the ill-liquid globex futures.

After the range B/O, the obvious resistance levels in play are 1040, which is the .618RT to 1219.80 from 1010.91, and 1150.45 which is the 1/19/10 high. The market has ignored the continuing negative economic news that we have seen for the last few weeks so the mid-term rhetoric about the takeover in the House, and the Socialist’s potential cave in on taxes is taking precedence as a market mover. This is the only thing that will possibly prevent the 1010.91 low from getting taken out in the Sept/Oct period

Wilber Ross said it very clearly the other day to the empty suits on CNBC when he said that the so called “rich” are mostly small businesses that do most of the hiring and account for 40% of consumer spending, and consumer spending is 70% of our GDP.

SPX Chart

Have a good trading day!

Click here to find full details on Kevin’s courses including Trading with the Generals with over 20 hours of professional market strategies. And for a free trial to Kevin’s daily trading service, click here.

Click here to sign up for a free, online presentation by Larry Connors, CEO and founder of TradingMarkets, as he introduces The Machine, the first and only financial software that allows traders and investors to design and build quantified portfolios.

Filed Under: Commentary, Day Trading, Recent Tagged With: market expectations, market outcome, market volatility, SPX

About Kevin Haggerty

From 1990 to 1997, Kevin Haggerty served as Senior Vice President for Equity Trading at Fidelity Capital Markets, Boston, a division of Fidelity Investments. He was responsible for all U.S. institutional Listed, OTC and Option trading in addition to all major Exchange Floor Executions. For a free trial to Kevin’s Daily Trading Report, please click here.

Buy The Fear, Sell The Greed

Buy The Fear, Sell The Greed

Swing Trading College

New Book From Larry Connors and Chris Cain, CMT – "The Alpha Formula; High Powered Strategies to Beat The Market With Less Risk"

We’re excited to announce the release of a new investment book written by Larry Connors and Chris Cain, CMT. The book, “The Alpha Formula; High Powered Strategies to Beat The Market With Less Risk “ combines… Hedge fund legend Ray Dalio’s brilliant insight into combining uncorrelated strategies… With new, minimally correlated, quantified, systematic strategies to trade… [Read More]

Buy The Alpha Formula Now

Connors Research Traders Journal (Volume 57): 7 Real-World Reasons Why Short Strategies Should Be Included In Your Portfolio

In our new book, The Alpha Formula – High Powered Strategies to Beat the Market with Less Risk, we show the benefits of including short-strategies in your portfolio. As a reminder, building portfolios should be based on First Principles – otherwise known as truths. These truths are: Markets Go Up Market Go Down Markets Go… [Read More]

Company Info

The Connors Group, Inc.
185 Hudson St., Suite 2500
Jersey City, NJ 07311
www.cg3.com

About Us

About
Careers
Contact Us
Link To Us

Company Resources

Help
Privacy Policy
Return Policy
Terms & Conditions

Properties

TradingMarkets
Connors Research

Connect with TradingMarkets

Contact

info@cg3.com
973-494-7311 ext. 628

Free Book

Short Term Trading Strategies That Work

© Copyright 2020 The Connors Group, Inc.

Copyright © 2023 · News Pro Theme on Genesis Framework · WordPress · Log in