tsptalk's Market Talk

[tsptalk]

The early rally is fading but some decent developments here. Is this a real turn for these key charts or just a pre-holiday reversal that will revert back after the weekend?

 

[tsptalk]

Stocks rallying, but here's the boring stuff...

High Yield Corp. bonds doing very well. Yield on the 10-year is also popping and temporarily moved over 0.7%, but the 50-day EMA may be a roadblock.

 

[Bullitt]

Black candle intra-day, but possible S&P bull flag breakout this week confirming your HYG charts.

 

[tsptalk]

So far the dip today looks like a little backing and filling to fill the open gap (red, now closed) it had created. Still an open gap near 3180. Should be a fun pre-holiday afternoon of trading.

 

[tsptalk]

A long weekend, lots of nerves out there, lots of weekly profits to take. Swan dive into the close.

We got the pre-holiday lift, with the help of the jobs report. Without it we may not have stayed positive?

 

[tsptalk]

The June 11 gap is finally filled and we're seeing a little backing up since, which isn't a surprise. However, that could just be some temporary profit taking.

 

[tsptalk]

Keeping it boring...

HYG is music to investor's ears today, while the 10-year yield stalled again at the 50-EMA.

 

[tsptalk]

China.

 

[bmneveu]

whats the reason for that??

 

[tsptalk]

whats the reason for that??

All valid reasons.

China told citizens to buy stocks, boosting market — ‘We have the Fed...China has its state media’

https://www.cnbc.com/2020/07/06/chi...e-bull-markets-china-has-its-state-media.html

 

[tsptalk]

As I said in today's commentary,

It was another lighter than normal volume trading day yesterday, and those are the kind of days that can push the indices around. But holiday weeks like this also see a lot of traders staying home, leaving just investors, and that's why there's generally a bullish bias surrounding holidays

And it looks like the Supreme Court / Trump tax return story is doing just that this morning. We'll see if the bulls will be buying this "pushed" dip.

 

[tsptalk]

A little bit of a switheroo going on this morning...

Nasdaq 100 is down, while the small caps and equal weight S&P 500 are up...

 

[tsptalk]

Good looking action in most indices although the Russell 2000 is lagging again. Some impressive breakouts so far, which we talked about in today's commentary, but there's a lot of time left in the trading day.

The Nasdaq 100 goes into yet another gear as it breaks above its already insane trading channel...

 

[tsptalk]

Pop and a double top. So far...

 

[tsptalk]

The fight of the century!

Punch!

California to close indoor restaurants, movie theaters and bars statewide as coronavirus cases rise


After the bell Counter Punch!

Drugmakers will start coronavirus vaccine production by end of summer, Trump health officials say

 

[flalaw97]

And this is why you say "so far" and "but there's a lot of time left in the trading day." Uggh.

 

[tsptalk]

I jinxed it!! :banghead:

 

[tsptalk]

Things are happening quickly and we have to anticipate the hyper speed moves now. Yesterday' action was what I expected to see possibly play out this whole week - from a breakout of the bull flag, to the rally to test the previous highs, to a double top pullback. Done in a day.

The double top pullback seems to be in motion. It could last days, but these days, it could be hours instead.

Get our your crystal ball and look ahead. I see where support could hold (or break) but again, is that going to happen today, or play out over the next week or so?

Don't forget about your deadlines and transaction delays.

 

[tsptalk]

Quite the battle today. Reminds me of the Tommy Hearns / Marvin Hagler fight. Both the bulls and the bears keep throwing punches relentlessly, and we'll see who is still standing when the bell rings.

:swordfight:

If you never watched that fight, here's round 1...

 

[tsptalk]

Here we are again. Testing 1,2,3, testing...