The Bull Bear Debate Is On


Whenever the market gets squishy, the debate intensifies. Are we going higher or lower and when? I haven’t seen enough to get passionate either way yet. The $SPX took back its 50 day moving average as we got short term oversold, but the Dow Jones ($DJIA) is still below every imaginable moving average with the exception of its 200 day.

The Russell 2000 held its 50 day moving average and bounced and the Nazzy ($QQQ) retook its 20 and 50 day moving average on Friday. Noted technician Ralph Acampora went bearish two weeks ago, and on Friday dropped his Dow target even lower from 13,500 to 12,000. He said he doesn’t like what he’s seeing on a lot of levels.  Certainly everyone has an opinion and that’s what makes a market.

****Warning……cliche alert….”It’s a stock pickers market”.  Stocks like $TSLA $QCOR, $CLDX and $NFLX didn’t give a rip about Jackson Hole or Fed minutes. Stocks are definitely moving if you know where to look.

I’m not seeing aggressive selling or buying to be honest, and the market just kind of chops and hangs around. Just summer doldrums or market exhaustion? You decide.

$MSFT ripped Friday on the announcement that Steve Ballmer will stop destroying the company, $AAPL  ended the week kind of flat and $GOOG is still trying to find ts way.

Gold $GLD gold miners $GDX and silver $SLV all had breakouts last week out f recent ranges.

Europe is trading like the old days as Spain $EWP, Italy $EWI, Germany $EWG and France $EWQ made new highs.

I’ll be around with some setups tomorrow. In the meantime, sign up for a free trial here.

Previous Post
Frozen Market, I Blame Bernanke
Next Post
The Dow Jones Industrial Average Matters

Recent Articles