HI Financial Services
You have to make it happen.
– Denis Diderot
What has been happening
so far this week?
The US market started
the week with a full 1% drop or to use a technical term “pullback”. All I heard yesterday was why did you not add
protection to your positions? We are in
a correction! The employment last week
was only 70ish something thousand and the start of the “Great Correction” is
happening as we speak.
Today none of those comments
were made from those “long term investors”.
What was the difference in a day?
Nothing really. Most stocks had a
rebound and they never gave technical crossovers. I think investors that are long term need to
remember that they are long term investors.
One day movement within a trading “channel” is the expected possible
movement of a stock. We are in a time of uncertainty as we hear some of the big
financials reporting this week. The
plain truth is the market is deciding if the last quarter earnings and future
guidance will continue the bullish run.
Where will our market
end this week?
The market was Bearish
last week in profit taking. This week
should jump start the earnings season as financials are in focus. I would expect the market to gain back what
it lost the first 11 days of the month.
Look for the S&P 500 to be back at 1850 in the near future.
DJIA – Bounce off of the
16,200 level. Twice before it was
resistance and now it is acting as a support level. Next stop 16,600 test again
SPX – Notice a nice
bounce off 1820 like we mentioned last week.
Also notice the RSI midline acting as support right now for the SPX
COMP – Two
important technical points to notice in the chart. We bounced off of the uptrend in the
index. Also a third test of
support/resistance at 4100 has also occurred and we are the recipients of that
Where Will the SPX end
1900 or higher –
My vote is technically 1883.4 up 3% from
1800 or lower
What is on tap for the
rest of the week?=
BAC, CSX, KMI
AXP, BLK, COF, C, GS, INTC, UNH
Fri: BK, GE, MS, SLN, STI
Export, Retail Sales, Retail-ex Auto, Business Inventories
Wed: MBA, PPI,
Core PPI, Empire, Fed Beige Book
Thur: Initial Claims,
Continuing Claims, CPI, Core CPI, Net Long Term TIC Flows, NAHB Housing
Building Permits, Housing Starts, Michigan Sentiment,
Capacity Utilization, Industrial Production, JOLTS
Tues – EMU:
Wed – EMU:
Merchandise Trade, JP: CGPI, Machine Orders, Tertiary Index
Thurs – EMU: HICP
Friday – GB: Retail
Sunday – CN: GDP, Industrial
Production, Retail Sales
How I am looking to
I am starting my
protective trades. MS has earnings
coming up and long puts are in place. I
am truly trying to survive this week so I can create my trades for earnings. I want to be able to use the March or April
options as they open up for some of the stocks that I am currently
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