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Day 1 of 2016 was actually what we have been expecting. The question is , will there be follow through?
On Dec 30th , I showed this chart to point out that I had expected a drop in the markets. Look how rapidly the CPCE dropped ( bearish). After yesterdays drop in the markets, the CPCE currently reads .80 - so that can be close enough for a bounce, but the CPCE also could move higher as seen on this chart. That means further downside is also possible today. Lets look at more charts...
SPX - Yesterdays drop did rebound a bit near support, so we may bounce, but this can keep selling off.
Overall this looks weak...
Read MoreIn recent reports we've been discussing some possible bigger changes in the coming year. Lets review the markets and see if these changes still appear to be setting up as we start a new year.
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2015 was pretty much a sideways year.
SPX, DJIA, RUT, NYA- Posted a yrly loss in 2015. NASDAQ AND IBB posted small gains.
That alone is not signaling a change necessarily, so lets look at a few more things ...
Read MoreSince calling the lows in NATGAS recently, it has run straight up. I was asked if I had any idea what may happen next. Lets take a look at this and a few other ideas for the last trading day of 2015.
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Review: This was NATGAS at the lows. I thought we could buy a pullback, possibly on a dip at the 20sma.
The short covering was too strong. NATGAS went straight up to almost $2.40!. Nice move. I pointed out the 50sma as a possible support, and it held yesterday, but let me share 1 more idea.
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