tsptalk's Market Talk

[tsptalk]

Watching 1060 and 1048 for support today on the S&P.

 

[JTH]

Watching 1060 and 1048 for support today on the S&P.

Just read your weekly commentary, great stuff Tom!!!

 

[tsptalk]

The weekly wrap up? Thanks!

 

[tsptalk]

The Transports are strong again today (up about 1%). Good sign.

 

[mayday]

The Transports are strong again today (up about 1%). Good sign.

Forward looking indicator.

http://stockcharts.com/charts/gallery.html?$tran

 

[tsptalk]

Another huge day for stocks.

Time to sell, or stay the course?

Will the S&P 500 make a new high, or just complete a right shoulder in an H&S pattern, and move down?

Are investors too bearish or too bullish?

Can the strong Nov/Dec seasonality keep the rally going?

 

[KevinD]

Dang, I thought YOU knew the answers to all those questions. :blink:

 

[JTH]

Another huge day for stocks.

Time to sell, or stay the course?

Will the S&P 500 make a new high, or just complete a right shoulder in an H&S pattern, and move down?

Are investors too bearish or too bullish?

Can the strong Nov/Dec seasonality keep the rally going?

Spent the day doing nothing at home except sitting on my bottom. Those CNBC folks are Bullish as was everyone they interviewed throughout the day. EVERYONE said we will close higher at the end of the year. Hedge fundies are boarding the "don't miss out" train and ripping out the brakes.

I'm already invested so I could care less. But I am watching the transports and small caps looking for my confirmation.

 

[tsptalk]

Dang, I thought YOU knew the answers to all those questions. :blink:

Oh, I do have the answers. This is a quiz for you. I will mark your papers when you're done. No cheating.

 

[KevinD]

:laugh: :laugh: :laugh:

 

[tsptalk]

Looks like the old rising wedge is giving a little support again.

 

[tsptalk]

Beware Monday morning gap openings. This one looks like it will be a big / tough one to fill, but Monday morning gaps can be traps.

 

[Bullitt]

I'm going to make a prediction that no matter what happens this week- bullish or bearish- the headlines one week from now will say, "Low Volume on NYSE With Traders Away on Vacation."

 

[tsptalk]

Looking back, volume was huge during the days leading up Thanksgiving week last year (except for Wed and Friday) nearly double what we are seeing right now, with volume hitting 5 to 7 billion on the S&P.

We're only seeing 3 to 4 billion lately. So, volume will be light on Wednesday and Friday for sure, but where are the traders this year?

 

[Bullitt]

Where are the traders this year?

Out of work.

Imploding markets have changed that. Almost 1,500 hedge funds went out of business last year, according to Hedge Fund Research Inc., a Chicago-based research outfit.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMIX3xXmjVHE

 

[tsptalk]

I'm a little surprised we didn't get a bounce today (although the day's not over). I figured Friday's sell-off was a bit of an exaggeration because of the low volume trading, but no rebound today is a bit concerning.

Of course it is the last day of the month, and the days after Thanksgiving week can be weaker than normal, but still, the bulls were given a little buying opportunity and they don't seem to be intereted yet.

 

[Boghie]

Looking back, volume was huge during the days leading up Thanksgiving week last year (except for Wed and Friday) nearly double what we are seeing right now, with volume hitting 5 to 7 billion on the S&P.

We're only seeing 3 to 4 billion lately. So, volume will be light on Wednesday and Friday for sure, but where are the traders this year?

Like Bullitt stated...
Out of work...

The TARP bailouts really did not help those who caused the problems. Those folks - and, regretfully, many others - were blown out of the financial field. Hopefully, some of the good ones are busy building new financial business ventures. We may see some creative destruction out of this mess.

TARP kept our basic financial structure afloat. It did nothing to support the failures. Where are the leadership of Bear Sterns, Merril Lynch, AIG, BofA, etc.. Actually, Kalefornea is looking for them. We need someone to market our crappy bonds...

 

[tsptalk]

Transports look to be trying to close near the highs of the day. Small caps strong too. It's all good. That resistance on the S&P is giving it some trouble today, however.

 

[JTH]

Transports look to be trying to close near the highs of the day. Small caps strong too. It's all good. That resistance on the S&P is giving it some trouble today, however.

I've noticed that, but the transports have yet to make a higher high, but when/if they do, then wachout!

 

[mayday]

I've noticed that, but the transports have yet to make a higher high, but when/if they do, then wachout!

Transports will make a higher high before Christmas.
Only logical packages being sent everywhere.
The market will go up before the holiday.