« Market Thought… no

Market Thought… hello goodbye

My charts say buy, but my gut says no no no. (i write this w/the song in my head :) )

Not much has changed since my last ‘Market Thought’ post, except Friday’s action consolidated the market more, and the Retail index (RTH) is now oversold and sitting on support.

All in all, there maybe a possability that the SP500 can move to actually touch the 200SMA. However, the underlining weakness remains with the high momentum being broken.

Adding to my gut telling me ‘no’, is the price of oil. I am just not a fan at the moment. I am expecting it to retest the high 40s, and IMO, as goes oil… so goes the market.

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My caution is also coming from the longterm SP500 chart, which suggests the market will test its 62SMA.

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Is it realistic? I do not know. I do know, despite the potential for the market to go lower, when individual stocks I am interested in go to attactive levels I am not hesitating (but keeping a market short).

For instance…

PWR – I have been waiting for another entry point here, and it is just about here. Observing the pattern via the Slow Stoch, when the red line gets below 20 the stock typically pops. (Good for a nice trade or a long-term entry point, as I think the fundies to their biz is really good.)
pwr

This entry was posted on Sunday, May 17th, 2009 at 9:06 pm and is filed under markets, stocks, trades. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Market Thought… hello goodbye”

  1. Administrator says:
    May 19, 2009 at 3:52 pm

    good news… bad news… Yahoo resolved the comment issue… yaaahooo-oo :)

    bad news… as of yesterday (prior to yahoo fixing the comment issue) the blog is not letting me post. I do not know why, but am trying to figure it out.

    i deleted the most recent GS post as that was the last post I posted, thinking it may have corrupted the system… did not work :(

  2. Administrator says:
    May 21, 2009 at 10:12 pm

    Since Wordpress sucks balls… and they are not helping me with this issue… I created a new blog via blogger…

    http://echotoall.blogspot.com/

    (I will be posting at the above link. (In the mean time I will try to import 3yrs worth of info, and the domain to the blogspot service… i’m just being carefull with it as I do not want to lose 3yrs worth of info.)

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