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Monday, February 7, 2011

Monday Updates!!!

8:23, The Dow Transports continue to lag behind the Dow, still no where close to making a new high, to confirm a larger bull market.
8:05, TNX, on the monthly is now at a VERY important cross-road, if TNX can break above the gray trendline, with conviction, the option of a large scale triangle is voided, meaning TNX most likely did put in a long-term bottom back in 2009. If the triangle does hold, that would mean TNX is in a consolidation or correction phase, and points to a resumption of the original trend DOWN when the triangle completes.
7:45, TNX, which tracks the yield on the 10 year Treasury Bond continues to impulse to the upside, pushing rates up to 3.68% this morning. The Signal on the Trendfinder is strong after going bullish on 2/2/2011.
Small caps are outperforming large caps this morning, with increasing Breadth, now at 3.81:1, advancers.
7:35, Currently the SPX is up $9.36, or 0.71%, and the VIX is in the green, very unusual having both indexes tracking in the same direction. The VIX is sitting right down near long term support, so it is possible that we might be working on longer-term divergence.
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7:15, The best option on the squiggles at this point in time is the SPX in 3 of 3 of 5th, with an upside target in the 1342 area. The low of the black 2nd wave is very important to this count, the SPX has no business testing this area, 1301.67. The Russell this morning did make a new high, so the 1-2 count on that index was invalidated, the Trannies are still suffering thou. Breadth this morning is currently running 3.03:1, advancers, respectable, but not super bullish.
I went into TNA 15 minutes after the open, at $77.63.

1 comment:

  1. Bernanke must now truly think he is a genius....with now total control over stock prices...

    Just want some higher economic growth, let's just do some more QE....