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The release of the FOMC Minutes really didn't seem to have any meaningful or lasting reaction in the markets. It may have added a little knee jerk reaction or volatility, but overall there was no big directional change. Let's take a look at our markets, and again, there really are no major changes from yesterdays report to discuss, but we'll still review what we have...
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SPX - I have been looking for a steep drop and an ICL. We have that steep drop and a reversal after the 200sma was taken out, so this could be a shake out. It is a swing low, and yesterday I said that this could be bought ( TQQQ or UPRO, etc) however...
Read MoreNote: FED MINUTES are released at 2 p.m. Wednesday.
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The General Markets stopped sliding, yet 1 day before medical & recreational marijuana is to be legalized in Canada - Pot stocks decide to slide. Is it going to be the typical "Buy the rumor, Sell the news? " in that sector? Is the rally over? We'll take a look at that too. Lets take a look at the market action...
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NASDAQ - This ICL drop was steep and broke the RSI below 30, unlike the Feb & March drop. This reversal could be bought at a low risk low, but ...
Read MoreThe weekend report covered the Big Picture, so today will cover some of Mondays action and what we can expect from there...
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Read MoreWe are all well aware of what happened in the markets this week, and really it is what we have been waiting for and discussing in the Big Picture Views for a while. That said, we now have a lot to look at in this Big Picture Review. Read each chart carefully.... To the charts!
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SPX WEEKLY - I've been looking for a drop into an ICL , similar to January. There it is, read the chart, and there is more..
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Thar she blows is right!
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GOLD - We have been expecting this kind of 'recognition day ' for a while, so Let's discuss this BURST higher in Gold and Miners...
GOLD climbed $28 on Thursday, and it was pretty much steady and straight up.
Read MoreI have been mentioning that the markets were due for a drop into an ICL, and I used this chart to show the potential downside -
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NASDAQ AUGUST - I thought that we might run to the top and then drop into an ICL just like the drops we saw in the beginning of 2018, and ...
This chart looks to be a lot of what I was expecting, but I wouldn't just jump in here. The NASDAQ broke & closed below the 200sma. Even though this could be a shake out, there is no need to try to catch this falling knife. We'll monitor it along the way.
Read MoreWe really didn't see a lot of changes take place that were not expected on Tuesday. As the markets pull back, things do get choppy and sloppy. At this point, let's do a market review and then discuss a few possible trade ideas...
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What was surprising about Monday? It was this- Gold dropped over $17 and the Miners fought their way back to green...
GDX:GLD - I discussed the bullishness when Miners lead Gold, so this is how Golds drop & Miners POP affected the GDX:GLD ratio. Bullish.
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SPX WEEKLY #1 - I have been expecting a dip into a DCL, and likely an ICL. Last week saw the SPX drop how deep will it be? Please read chart #1...
And now Chart #2
Read More It is Friday, the last trading day of the week, so let's just do a quick review...
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SPX - Yesterday using this chart , I pointed out that the SPX was running up along the top of the B.B. with divergence and due for a daily cycle low. The Markets dropped yesterday.
QQQ - The Markets began to sell off . We Also discussed that the General Markets were showing divergence in the RSI & MACD, Due for a dip cycle-wise, and showing a much higher number of new lows than new highs at the top here. A dip is due and seems to be starting here...
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