06-02-2009, 09:16 AM
Yesterday, June 1, the stock market took GM's bankruptcy announcement in stride and continued the three month rally. We tested the 200 MA for the first time. It looks like the bulls are capable of holding this rally longer.
06-02-2009, 09:16 AM
06-03-2009, 04:42 PM
Wednesday, June 3 2009-- We had a nice pullback today. Monitor to see if we continue the weakness into tomorrow and Friday. That would be ideal for bulls looking to eventually setup a buy opportunity later this month.
06-04-2009, 11:50 AM
I was interested in buying a refinery type stock this summer on pullbacks. (My personal preference was MRO and possibly WNR but I have canceled those ideas....) I AM NO LONGER INTERESTED in refinery stocks, and will avoid this nitch group for near future.
Here is a quick update on some stocks that continue to show good resiliency on pullbacks even after rallying for so long: GOOG, BIDU, RIMM, AAPL, GS, V, CME, ICE, CMCR, INT, select Chinese ADR stocks, some precious metal stocks, TSL, CSIQ, YGE...
I also still like select energy related stocks at good supports.
PS- Thanks JIM for the tip on Visa (V) breakout move this morning. Appreciate it!
Take a look at PRU today and tell me what you think if this support area?
Here is a quick update on some stocks that continue to show good resiliency on pullbacks even after rallying for so long: GOOG, BIDU, RIMM, AAPL, GS, V, CME, ICE, CMCR, INT, select Chinese ADR stocks, some precious metal stocks, TSL, CSIQ, YGE...
I also still like select energy related stocks at good supports.
PS- Thanks JIM for the tip on Visa (V) breakout move this morning. Appreciate it!
Take a look at PRU today and tell me what you think if this support area?
06-05-2009, 10:19 AM
Friday, 5 June 2009- Be careful if you have been holding Long positions in precious metal stocks. Looks like the big boy mutual funds are selling a little too much today as gold approaches the highs.... will be monitoring this weakness to see if it can eventually lead to some kind of a good support later. There have been some really strong stocks in this group lately that might be worth look at a cheaper price.
Today looks like it is developing into a profit-taking day.
I have to be honest, I thought we would start to setup for a good prolonged pullback in June but so far things have been smoking hot. All I know is if you are a bull it would be nice to buy something cheaper and not chase this rally. At some point the suckers who buy up here at these highs are going to get their heads handed to them on a good drawdown once the big boy funds who seem to control the stock market decide it is time to squeeze the little guys. I still would like to buy things cheaper rather than keep chasing these, the strongest stock price moves.
With rising energy prices I see the same pattern of last year where the institutional investors and large funds keep buying energy futures and push it too high. You don't hear this in the news but I still think the constantly rising higher energy prices last year was one of the reasons why things fell apart so quickly last year once the topping action developed and the downtrend began. They pushed things way too high. I hope the soveriegn funds and other major market maker funds don't make the same mistake for the sake of the tenuous world economies. We really are not out of the woods as much as some might be thinking.
How can you support constantly rising higher energy prices in a recessionary environment the likes we have not seen in decades this summer is my only real concern right now. What is the limit before it starts to hurt consumers and the economy again?
What do I know? We shall see. They say the market is always right, not us traders or analysts.
All I know is if the market goes higher later this summer or fall I will be looking for ideas how to prepare for the next major downtrend. If we can get a nice pullback shortly in June I will be looking for something of quality to buy. That is my general impressions for now.
Today looks like it is developing into a profit-taking day.
I have to be honest, I thought we would start to setup for a good prolonged pullback in June but so far things have been smoking hot. All I know is if you are a bull it would be nice to buy something cheaper and not chase this rally. At some point the suckers who buy up here at these highs are going to get their heads handed to them on a good drawdown once the big boy funds who seem to control the stock market decide it is time to squeeze the little guys. I still would like to buy things cheaper rather than keep chasing these, the strongest stock price moves.
With rising energy prices I see the same pattern of last year where the institutional investors and large funds keep buying energy futures and push it too high. You don't hear this in the news but I still think the constantly rising higher energy prices last year was one of the reasons why things fell apart so quickly last year once the topping action developed and the downtrend began. They pushed things way too high. I hope the soveriegn funds and other major market maker funds don't make the same mistake for the sake of the tenuous world economies. We really are not out of the woods as much as some might be thinking.
How can you support constantly rising higher energy prices in a recessionary environment the likes we have not seen in decades this summer is my only real concern right now. What is the limit before it starts to hurt consumers and the economy again?
What do I know? We shall see. They say the market is always right, not us traders or analysts.
All I know is if the market goes higher later this summer or fall I will be looking for ideas how to prepare for the next major downtrend. If we can get a nice pullback shortly in June I will be looking for something of quality to buy. That is my general impressions for now.
06-16-2009, 03:50 PM
I went on vacation last week hoping to see a pullback while away from the markets for a week. Nothing happened when I was gone. However, yesterday, Monday, June 15th, it looks like we finally had a good healthy one-day pullback.
I have been in cash for two weeks waiting for a pullback and cheaper prices hopefully once vacation was over. This morning in our live class we identified some buy setups for those aggressive traders looking to get Long. Around lunch time weakness started to creep back into the market and now we are wondering what to do. Do we jump back in quickly or do we continue to stay on the sidelines waiting for some better bargains?
It is premature to call this "the pullback" we have been waiting for but we certainly cannot ignore the consistent two-day weakness.
Could we be building for a bigger pullback we hoped to see? Could we still have a chance to pick up some bargains before the month is over? Who really knows... but we will be watching very closely now to see if we can identify any further insights.... stay tuned!
As soon as we see something more concrete will will post here. For now, I am staying conservative and waiting on the sidelines for something cheaper to buy at better supports.
I have been in cash for two weeks waiting for a pullback and cheaper prices hopefully once vacation was over. This morning in our live class we identified some buy setups for those aggressive traders looking to get Long. Around lunch time weakness started to creep back into the market and now we are wondering what to do. Do we jump back in quickly or do we continue to stay on the sidelines waiting for some better bargains?
It is premature to call this "the pullback" we have been waiting for but we certainly cannot ignore the consistent two-day weakness.
Could we be building for a bigger pullback we hoped to see? Could we still have a chance to pick up some bargains before the month is over? Who really knows... but we will be watching very closely now to see if we can identify any further insights.... stay tuned!
As soon as we see something more concrete will will post here. For now, I am staying conservative and waiting on the sidelines for something cheaper to buy at better supports.
(06-05-2009 10:19 AM)Marc Rinehart Wrote: [ -> ]Friday, 5 June 2009- .... I have to be honest, I thought we would start to setup for a good prolonged pullback in June but so far things have been smoking hot. All I know is if you are a bull it would be nice to buy something cheaper and not chase this rally.
06-17-2009, 10:09 AM
It is very early into today's trading... seeing for the third day a continuation of the downward bias... impression is Bulls are growing more defensive and Bears are taking advantage of it a little more.
06-22-2009, 04:53 PM
Another down day. Weakness appeared to spread out a little more today. We have been waiting for a deeper pullback. Looking more like we are in this condition for now.
06-25-2009, 01:59 PM
The market still appears abnormally quiet with limited ability to rally significantly yet. Hence, if a Bull we have to remain skeptical, or more patient, or manage new trades very aggressively if trying to do new buys right now.