tsptalk's Market Talk

[tsptalk]

The early action on Monday has the SPY testing the bottom of its "F" flag, that we talked about in Monday's commentary.

 

[tsptalk]

McDonald's has been a drag on the Dow but small caps and the Transports have been doing well. The Nasdaq 100 made a brief new high this morning but has since pulled back to flat. The current candlestick is a little "toppy" so how the QQQ closes, and what kind of candlestick is created, could determine the next short-term move.

 

[tsptalk]

Some follow-up on QQQ. It closed up slightly but after hours it was up to 114.24 after Apple's earnings.

McDonald's has been a drag on the Dow but small caps and the Transports have been doing well. The Nasdaq 100 made a brief new high this morning but has since pulled back to flat. The current candlestick is a little "toppy" so how the QQQ closes, and what kind of candlestick is created, could determine the next short-term move.

 

[tsptalk]

The Nasdaq is up on the Apple earnings but the other major indices are struggling this morning in front of this afternoon's Fed policy statement.

But the flags / bases are still intact...

 

[nnuut]

Did anyone notice that the AGG [F fund] has turned around. It looks like the INSIDERS know what the FED will say at 2 PM. I have a Doctor's appointment at 2 PM so I'll have to wait. I hate waiting!:nuts:
http://finance.yahoo.com/quote/agg?ltr=1

 

[tsptalk]

The first 30 minutes of trading today were pretty eventful for the Tranports. The index fell hard but bounced once it neared the 50 and 200-day EMAs and ticked back into positive territory. One to watch today.

 

[tsptalk]

The S&P is stubbornly remaining within the trading range...

 

[tsptalk]

Conflicting signals. Two High Yield Bond funds heading in different directions. One is pulling back sharply, while the Credit Suisse is near new highs. A little confusing for those who like to use the high yield funds as an indicator for stocks.

 

[tsptalk]

The HYG High Yield Fund is rebounding today showing a possible sign of reversal from a low - although it's too early to say.

Conflicting signals. Two High Yield Bond funds heading in different directions. One is pulling back sharply, while the Credit Suisse is near new highs. A little confusing for those who like to use the high yield funds as an indicator for stocks.

 

[jkenjohnson]

BOE cuts rates by .25% and will cut to 0% by the end of the year. Futures bounced right after the news came out.

 

[jkenjohnson]

Oh well, they just dropped back 30 points.

 

[userque]

Yeah...the rate cut was expected.

 

[tsptalk]

The HYG High Yield Fund is rebounding today showing a possible sign of reversal from a low - although it's too early to say.

 

[tsptalk]

The Transports were not looking all that impressive lately, and a small bear flag seemed to be forming, but today's rally has really helped the technical picture.

 

[tsptalk]

The Trannies were leading in early trading Monday, but hit some resistance that "shouldn't" hold too long. The question is whether that small gaps gets filled before we see a breakout.

 

[tsptalk]

Top of flag, small gap, and rising support being tested...

 

[tsptalk]

The smalls caps broke out of a small flag this morning but nearing some overhead, although rising, resistance.

 

[tsptalk]

The SPY (S&P) is pulling back and possibly creating a failed breakout - but it's still early. The pockets of support are not far below with a small open gap (blue) near 217, intersecting with the 20 EMA and some rising support.

 

[tsptalk]

The S&P is testing some important support right now...

 

[tsptalk]

High Yield Corporate Bond Fund, HYG, is making new highs again...