IBB or XBI- Pick Your Poison

The market came down hard at the open but then put in a V recovery at about 10 am and ended up closing at or near the highs of the day, so another dip got bought. 10-minute chart Biotech continues to exhibit odd behaviour as IBB goes down and XBI goes up. I’ve told you the reason…

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The Week That Was

Last week the SPX, Dow and the Nazzy made more all tie highs.  The Russell 2000 didn’t, but the chart remains very bullish and it looks like it wants to join the party, maybe as soon as this week. The Nasdaq had a phenomenal breakout on Friday (+2.9%) thanks to GOOG, AMZN and AAPL. Retail looks pathetic and…

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Amazon “Is” Retail

AMZN aftermarket quote The market was mixed to slightly green today. The big news came after the market closed, as AMZN reported an awesome number. It is currently up almost 75 points in aftermarket trading.  As a result, the QQQ has had a nice pop after hours. Jeff Bezos is literally taking over the world and honestly,…

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We Dipped, Then Got Bought…a Little

10-minute chart It was a soft open, down about 23 handles, then some buyers stepped in around lunchtime and started nibbling some of the dip. The S&P closed down 12 but 13 handles off the day’s lows. There weren’t any one-day wonders like IBM, CAT or MMM to save the day today, but a selloff…

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Ok, Today It Was MMM & CAT

Hotter than a two dollar pistol When I speak of bad breadth in the market, as I  briefly addressed last night, I really mean lack of participation where everyone jumps in the pool at once and has really good time. That means all sectors and indexes are hitting on all cylinders at once. A couple of weeks ago the Dow…

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Is This the Week We Give Some Back?

The indexes all went on to make new highs last week with the exception of the Russell which is right on the cusp of new highs. Is the week we give some back? The technicals are modestly overbought, but I have seen much more extreme conditions, so maybe the bulls keep this thing in overdrive. Biotech…

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Resilient Is An Understatement

If you look at the 10-minute chart of the SPX you will see a lousy opening.  That lasted until about 10:30 and then the buyers stepped up.  The chart was basically the same on the other indexes too.  For you newer subscribers its good to know that I rarely take stops in the first hour because that…

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New Highs Except For The Russell 2000

-Bill Ackman More new highs today and only the Russell didn’t make more new highs. The Dow tagged 2300 (intraday) today and backed off slightly to close at 22,997. 2300 is a big fat round number, so there will some that say sellers come out of the woodwork at these numbers, but don’t believe that until you see…

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My Crash Day Seems Like Yesterday

I believe today was the 30th anniversary of the infamous 1987 Black Monday stock market crash and it got me to thinking.  Where the hell was I?  Some of you rugrats were riding a big wheel when this amazing day occurred. I was a mere pup sitting at my desk at Lehman Brothers and I learned a lot…

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