What’s Up, What’s Down: Stock Indices Look Choppy But Still in an Uptrend
Comments for Tuesday, September 8, 2009
Looking Ahead to Today by Reflecting Back at Friday’s Price Action
FINANCIALS:
Higher closes on Friday, the 4th, for the eurodollar but lower for the bonds and notes with no changes technically. The bullish eurodollar made a new contract high and close while the bonds fell to a support area causing failed BULL PENNANTS for the bonds and notes but still continuing to look higher overall. Buy Signals continue for Bonds and Notes.
INDICES:
Consumer Installment Credit released this morning. We saw higher closes on Friday for the cash and DOW futures along with the S&P’s and Nasdaq again. All of the indices continue to be in uptrends very choppy overall but still in uptrends in spite of more and more traders turning bearish which should mean there will be at least one fake out rally if the bears start to take heavy short positions leaving a vacuum overhead. We could be in this fake-out rally now but there is no way to know for certain.
Free download of my report, Trading the New Mini-Gold and Silver Futures, available at: https://www.zaner.com/3.0/ralex1.asp.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.