JCP, ZigZag this one is for you, my friend :)

See JCP chart, MACD down trending, major candle downward today, RSI trying to find a bottom still. All pointing to going lower. 

Short term: Bearish

Market Overview Jan 30

Bounce as expect in the short term view. Set yesterday low as stop and let ride this bounce up. Set stop for profit. This is by no means a bullish medium and long term view. It more of a short term bounce, probably to get rid of the oversold before going lower. So careful and set stop for profit no matter what.

Base on today's action, we may pull back a bit before going higher in the short term. 50MA is curving down, this is suggesting the bounce may be short live, if it doesnt break above it soon, then down it goes back to continue the down trend.

Chart attack:

See SPY chart, the MACD is showing sign of curving upward, and we are now back inside the BB, suggesting a bounce to continue. Volume is not high, so becareful holding long here for too long. RSI is bottoming looking. 

See NYMO chart, abit of a higher low, higher higher showing here, so we may be bottoming. MACD is curving as well. RSI is heading back up. All pointing to a bounce to continue

See VIX chart. Back down under the upper BB, RSI lowering, all bearish sign for VIX in the short term. MACD is topping out base on previous top level in October. All pointing to a bounce in the market to continue.

Short term: Bullish (set Jan 29's low as stop, and ride this short term bounce)

View on GLD, GOLD, BLING

See GLD chart. As mention, pull back may happen, and it looks like it starting now to work off some overbought level. The volume is low, so this pullback may not last long and we go back into our uptrend channel. MACD is favoring a pull back as well with that blackline going a bit down, but it may just be a bump before going higher. See how it react, maybe a good dip buy. If fall off the channel with volume, it may affect the medium trend.

Short term: Bullish (this may be a good dip buy before going higher, since volume is too low to matter, profit taking from yesterday maybe)

Market Overview Jan 29

FOMC day: Fell Off My Chair day for sure. Talk about volatile market today after Fed announcement. Best to ignore today all together, nothing much has change, still bullish point of view consider all the +div happening all over the place

Chart attack:

See VIX chart, didnt make new high today after another market sell of with the Fed announcement. RSI lowering downward. Black candle and still riding along the upper BB, which could come down hard soon for a quick bull run. MACD may favor abit more upside

See SPY chart, huge volume on the down side, this further confirms the downtrend we are in with the MACD going downward still. Counter trend bounce soon is my take, hence short term is bullish for me. 

Short term: bullish (All the bad news have been in place now, very well may be a double bottom here for a short bounce)

View on GLD, GOLD, BLING

See GLD chart, going alone fine still along the rising channel, bullish MACD, and bullish RSI. The blackline are the level to watch, as you can see, it hitting that last top and bounce back down abit. Will have to see if it have enough juice to go above that. 

Short term: Bullish (Have to see if it breaks that first resistance)

Market Overview Jan 28

Down she goes VIX, as suggest in yesterday post. And so is the market bounce time just like the short term indicator suggested (Bullish). Set your stop, get ready for the ride for abit. Do not get too comfortable with the long side, as there was a lot of technical broken the last couple of days. One level at a time. This may just be a dead cat bounce before going lower in the longer term. Time will tell us that.

Chart attack:

See VIX chart, down she goes, came back under the upper BB, this is not helping the bear case in the short term with the index. MACD is curving down, normally go lower base on past evidence. 

See SPY chart, we may have made a temp bottom, give it some time. Base on RSI curved back up. Still trying to get back above the lower BB but lower volume here and MACD could still be negative, wait till tomorrow. 

Short term: Bullish (with yesterday low as a stop)

View on GLD, GOLD, BLING

See GLD chart, we still in the upward channel, nothing change so far. MACD still positive. RSI rising nicely. Please look closely at the 50MA blue line, it starting to carve upward, that is good news for longer term hold. Yesterday sell off doesnt have much volume, so probably consolidating before going higher. We may pull back more and fill them lower gaps, but the bigger picture looks solid for long.

Short term: Bullish (weakness, may pull back to fill gap)

Market Overview Jan 24

What a ride to the downside, but all will eventually comes to an end. VIX is a prime example of filling the gap then down she goes to fill those lower gap. Looking at the picture, it seems a lot of technical support have been broken. So medium and longer term probably getting bearish base on them indexes chart. After the high today, VIX have is foreshadowing a bounce in the market in the very near term, at least filling some of those lower gaps before going higher if the medium and longer term is in fact getting bearish. Hard to see anyone initiating any new short position at this level consider we almost drop over 100 points from recent high of ~1850 to ~1770 today. Chance is we either consolidate or bounce, before we may go lower.

Chart attack:

See SPX chart, nice volume to the downside again, MACD is also bearish still. Hugging along the lower BB and RSI level at near low is suggesting at the very least a bounce coming really soon

See VIX chart, RSI came back down today, chart made high and came back down quick, both is basically showing bearish in VIX in the short while. MACD is still showing bullish thought with no cross yet

See DIA chart, pretty similar to SPX chart, not a whole lot to say here. Last time RSI touch this low the DIA bounce for almost two months before coming back down to the middle point. So be careful if you plan to short the market right now

See NYMO chart, RSI record low again, so careful initiating new short position here, most likely we bounce soon, also riding along pass the lower BB is helping the bounce case. The MACD is still negative, so we may drop further.


Short term: Bullish (stop with today's low would be a good idea)

View on GLD, GOLD, BLING

See GLD chart, upward channel developing, bullish MACD. It trucking along fine so far.

Short term: Bullish

Market Overview Jan 24

Not much to comment, beside now we know the trend is down base on today's action. We probably going to bounce base on a lot of oversold indicator.

Chart attack:

See SPY chart, talk about huge volume on the downside, this maybe a trend change signal, will have to see how next week goes. Touched lower BB, so most likely it will bounce here, counter trend bounce? RSI level also suggesting a bounce.

See DIA chart, same as SPY chart, huge volume on the downside, maybe we bottom here and bounce abit before going lower. 

See IWM chart, same as DIA and SPY chart, touching lower BB, RSI oversold, volume is huge. Bounce may happen

See NYMOT chart, we are at an extreme level here, bounce may happen as I speak or soon. MACD suggest further downside though.

See VIX chart, talk about the mother of all bounce not seen for months, this has push the RSI level to extreme overbought level. Blow pass the upper BB by a mile. MACD suggest further upside or consolidation at the very least. 

Short term: Getting bullish

View on GLD, GOLD, BLING

See GLD chart, broke above the channel and holding so far, with little volume, cautious on coming back down. MACD is still bullish

Short term: bullish

View on GLD, GOLD, BLING

See GLD chart, broke above the channel, with not enough volume so far to me it not enough to go far just yet. But still good to hold that stop low from previous level.

Update: we may pull back now that we hit the upper BB in GLD, so lock in your gain with your stop that you comfortable with is an option

Short term: bullish (if stop holds)

View on GLD, GOLD, BLING

See GLD, chart, not a whole lot, just consolidating still. Only worry if it hit that low we had last week. 

Short term: bullish (If stop holds)

Market Overview Jan 22

After watch today's market, I had 4 to 5 empty cup, they were full of coffee before hand. This is such a dry day. May as well take the day off. Not a whole lot happend, but there are some important chart to be of interest to me.


Chart attack:

See DIA chart, clearly hinting on a direction soon enough, bear have a chance to go lower, but need to do it soon.

See VIX chart, decision time for VIX, either it cross with the MACD and turn bullish, or another failure. Time will tell soon enough. Getting close.

See SPY chart, not enough juice to go higher, if this continues it will properly fall eventually, since not much volume. Also MACD isnt helping the bull

See IWM chart, just touch upper BB today, this is a warning sign, normally IWM is a lead in trend in the past, time will tell if we go lower soon. MACD saying we can still go a some what higher.

Short term: Getting bearish

View on GLD, GOLD, BLING

See GLD chart, it just consolidating to me, still liking the stop from last week low. Volume is low so aint much worth there, maybe just profit taking before going higher. MACD still showing bullish sign.

Short term: Bullish (If stop holds)

Market Overview Jan 21

What a day, we went up almost 10 points in SPX, then went down almost 10 points, then went back up again. Chop day, with no real direction yet, just like what the NYMOT chart is showing below. There is a big POMO on wednesday: http://www.newyorkfed.org/markets/tot_operation_schedule.html, this POMO may very well be the excuse bull needed to make the next big move. IBM after hour went down the gutter, this will not bode well for DIA tomorrow, similar to today, DIA ended in red. Divergence between DIA and SPY is getting really interesting. VIX bounce back down after touching the 50MA, interesting development it seems.

Chart attack:

See VIX chart, looks like MACD is trying to cross here with VIX trying to break the 50MA today, wait and see moment here. VIX need to show more power soon for bear party.

See SPY chart, low volume today on the sell side, touched middle BB and bounce back up, seem like there is so sort of support here in the background that is holding this up.

See DIA chart, volume here on the sell side today, with IBM after hour went to the gutter, this may increase tomorrow, depend on how everything else goes. 

See NYMOT chart, it is in an indecision period, base on MACD today, may break upward from the look of it. So because if you bearish base on DIA here.

Short term: Neutral

Market Overview Jan 17

What a day, market end up with a positive end with dow, and a red spx. Will be very interesting for next week giving it a short week. Is the end of today a win for the bear or just profit taking? you be the judge of that, consider dow is still green. Spx did go down, but then recover some near the end. For those that holding on to their long from this weeks low, either take profit, or take some profit and let the rest ride is a good idea. If not taking any profit, at least use this week low as a stop. Since VIX is showing a drop may soon happen.

See VIX chart, MACD is still not showing it ready to go up yet, still room for downside. The downward wedge is building, so it does look like it will bounce anytime soon. So keep an eye on this if you plan to short

See SPY chart, there is volume to the downside today, but nothing to break any support, so it a slow grind process to the downside so far, or just profit taking today that drove the volume up abit more.

See DIA chart, this is showing some strength in volume to the upside. MACD is showing downward pressure. Just notice a upward channel, has not been broken yet, so will have to see if it bounce upward or go lower.

Short term: Neutral

View on GLD, GOLD, BLING

See GLD chart, it bounced off after touching that lower gap, with lighter volume, careful for it to reverse back down. For those that went long after touching the gap, should consider setting that as a stop, or take some profit and let the rest ride

Short term: Bullish (use stop)

Market Overview Jan 16

Boring day today, market just consolidating all day after two crazy days day at the beginning of this week. Only big mover was BBY, sorry for those that held long in it. With retail doing this great, one would wonder how does FED feel going forward with their QE plan. For those that still holding onto long, around this week low still a good stop point my opinion, but do enjoy the profit when you see it, no real good reason to hold forever unless you are Warren.

Chart attack:

See VIX chart, it interesting to see the action bounce back up, looks like building momentum. MACD still favor bullish, until it cross over.

See DIA chart, looks at that RSI trend line. Doesnt look like enough juice to bust upward. Today volume to low to mean much for selling. MACD favor bearish still until it cross over.

See SPY chart, similar to DIA, RSI trend line going lower. Volume doesnt say much today. MACD have a chance to turn either bullish or bearish here.

Short term: Neutral

View on GLD, GOLD, BLING

See GLD chart, lower gap filled with low volume, not enough juice to drop further, today bounce will have to see volume. If going long, please set yesterday low as stop.


Short term: Getting Bullish

Market Overview Jan 15

Congrats to those that went long on Jan 13, 2014. Market went up another 0.5%, surprise with very low volume, lower than yesterday. Bounce back old all time high with low volume, this is not a good sign to me for longing here, so please use stop if you long.


Chart attack:

DIA chart, volume isnt there, so will have to wait and see how it reach if it does goes higher to last all time high. MACD is still favoring the bear

SPY chart, volume isnt there, similar to DIA chart, will have to wait and see how it goes, but so far isnt favoring bull since not enough volume to bust through old all time high. MACD is still favoring bear

VIX chart, MACD is still favoring bullish market, it has not cross yet. It could be building momentum. So hold long with a stop in place if you are long.

NYMO chart, the top two square looks pretty similar, we know what next soon. MACD is favoring the bear

Short term: Neutral 

View on GLD, GOLD, BLING

See the GLD chart on the weekly, building the a nice wedge.

See the GLD chart on the weekly, like I mention yesterday, filling the lower gap. Watch the volume

View on GLD, GOLD, BLING

See the GLD chart, it hit the upper BB and bounce back down, chance are it will fill the lower gap. Depend on the volume of how it fill the gap, it will then either go back up, or go lower. 

Short term: Fill the lower gap.

Market Overview Jan 14

Overview:
What a crazy day, bounce back from a drop of over 1% in the over all market, like it almost never happen yesterday. This has change my view in the short term from "getting bearish" to "neutral". A reason behind the change, there is no follow through in today session from yesterday at all with that nasty drop. I am not bearish or bullish yet in the short term, because the volume isnt there from the bounce today and the MACD has not cross over in a few leaders, so be careful if you want to go long here. Please use stop if you thinking of going long. Yesterday low in my view is a good stop for short term trader if you went long yesterday's low.

Chart attack (Only posting charts that I view is critical enough):

See the DIA chart, the MACD and volume isnt favoring the upside at all in the short term. Will need further data to confirm getting bullish. 

See SPY chart, the MACD has not cross back over yet, so not getting bullish in my view or getting bearish still, so more like neutral at the moment for the short term.

See the VIX chart, on the MACD yesterday it almost confirm bearish view, hence the getting bearish on Jan 13 2014. But with today's bounce in the market, it override the "getting bearish" view in the short term, back to neutral to bullish view in the market in my opinion

See the NYMOT chart, MACD has not confirm getting bullish view.


Feel free to provide me your view on the market. :)

Short term: Neutral (with bearish bias until bull proof themselves)