June 23, 2017

Archives for December 2008

The market continues to trade in a range

The longer a market remains range bound (no matter the time frame) the sharper the move outside of the range. We have a short-term range bound market and I expect to see some fireworks that takes us outside of the range over the near term (1-3 days). The markets charged higher at the open only to give back the gains after lunch and like yesterday rallied into the close to finish near session highs. The tug of war continued today right around the 850 mark on the S&P futures and will continue to trade in this range until we either break down hard or move above the 900 level. I am not going to do much with the indicators below firmly in a neutral state and the market clearly in a up-in-arms state as to where the market is headed. I … [Read more...]

Back in the Saddle

An early rally wiped away mid-day only to charge right back and clos near the highs of the day. That pretty much sums up the price action of the day. This rally looks like it could have some legs as we head into the New Year. However, the ES (S&P futures) is right back at the 850 level (848.00 to be exact) which could act as a strong area of overhead resistance once again. The ETFs I follow in the overbought/oversold readings below are firmly in a neutral state, so there really are not any short-term leanings at least based on the readings we use for the Extremes Options Strategies. It will be interesting to see if a gap occurs on the upside tomorrow as well. Will it act as an exhaustive gap or a gap close and rally type situation. … [Read more...]

Post Turkey Day Blues

First of all I hope all of you had a wonderful and relaxing holiday.It sure was nice to have a few days away from the screen. Okay, so today (as mentioned in the Weekly Report out each Sunday) I expected to see a decline although I did not expect it to be so severe. The gains last week were certainly suspicious based on the low volume which is typical during a holiday shortened week, but again I did not think they would be so severe today.  The S&P has moved through the 850 level and right back down to the 816 area which is another strong area of support. It will be interesting to see where the price action takes us over the next few sessions. Will the 816 level hold.? Were the gains last week all for naught? December is … [Read more...]