Discuss Market Comments 07/12/11

50% shave - After Friday's poor jobs report, and the ongoing European debt contagion, most recently surfacing in Italy, stocks plummeted again yesterday. The Dow lost another 151-points...

Current Daily Market Commentary

Market Commentary for 7/12/11

 

[RealMoneyIssues]

Holy Smoke. I am on vacation this week and saw the markets this morning and was horrified. My SDIRA lost a ton and I stopped out on a stock I thought was going up... so wrong.

Then I saw the carnage this evening. If I would have stayed in my short ETFs I would be fat dumb and happy (oh wait, already those, I guess just wealthier)... I hope things get better by the time I get back since I am now neutral in all my accounts and can only watch with spotty internet access.

Good Luck Everyone.

 

[law87]

There goes 1315 on the future

 

[Sensei]

(Sorry - I tried to copy and paste a .JPG graph, but it didn't work)

My understanding of an "open gap" now, thanks to Tom, is when one day's low is higher than the previous day's high. Does this also apply in reverse? As in one day's high is lower than the previous day's low? For each of the last two days, the S&P's high has been well below the previous day's low. Does this constitute an "open gap", and suggest possible bullishness for the short term?

 

[bmneveu]

(Sorry - I tried to copy and paste a .JPG graph, but it didn't work)

My understanding of an "open gap" now, thanks to Tom, is when one day's low is higher than the previous day's high. Does this also apply in reverse? As in one day's high is lower than the previous day's low? For each of the last two days, the S&P's high has been well below the previous day's low. Does this constitute an "open gap", and suggest possible bullishness for the short term?

I don't know that answer, but let's hope so!

 

[tsptalk]

Does this also apply in reverse? As in one day's high is lower than the previous day's low?

Yes.

For each of the last two days, the S&P's high has been well below the previous day's low. Does this constitute an "open gap", and suggest possible bullishness for the short term?

I'm not seeing any open gaps on this chart from COB 7/11. Just eyeballing the chart below, the low on Friday was about 1334 and Monday's high was about 1343 so there is no open gap. Gaps are rare on the S&P. The only one I even see on this chart is the one between day 2 and 3 after the April 18 low. It was not filled until May 23...