Market Curiosity: Exploring Markets And Systems

January 9, 2011

Outlook for January’s 2nd week

Filed under: Just Watching — Tags: , — Jeff Fitzmyers @ 8:01 pm

Hard assets are being valued greater than debt:

The NYSE Bullish Percent weekly chart is still rising, but rather high and stalling out. Time to have tight stops and not go long unless there is a good reason. Although most likely the stock market will go sideways to down, the amount of money the fed (not federal and not a reserve) is printing might buoy stocks. I don’t know.

The timing chart for IBD momo stocks is in the buy area, but unless there is a good opportunity, the preference is to wait.

The Gold Miners Bullish Percent weekly chart turned down. And the SLW:$SILVER ratio has not bottomed. So the bigger metal stocks probably have bottomed, but could have a bounce due to supportive seasonals. Energy stocks are similar.

Momo watch list:
DECK – Entered by accident.
CMG – Now looking like a short!
MELI –
EXPW – UPDATE Jan 14th: Opps the ticker is EZPW. Went long 1/4 position Mar 30’s for $0.76 a few days back.
ENDP – UPDATE Jan 10th: nice channel, gapped under channel, possibly look for a pullback to go short. UPDATE Jan 12th: Short opportunity.

Sell puts watch list:
PG –
PHO – Sold puts.
ECA – Sold puts.
ABV — backtesting breakout. Mildly down on large volume. I might actually see if there is news about this… I looked and could not easily find anything. I don’t understand it so won’t trade it. UPDATE Jan 12th: it’s a data issue. Yahoo is fine, DTNIQ was wacky. Don’t know why? But looks “right” now.

UPDATE Jan 10th: Adding quote from James Turk’s occasional update:

But this time, Comex open interest on silver was rising on Wednesday and Thursday, so there was no net liquidation on those days. It means that there were new buyers who came in to replace the silver longs who were shaken out. Consequently, there is real pressure now on the remaining silver shorts, particularly if Friday’s open interest rose too. (update: Fridays OI dropped 2,212 contracts.

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