nice! now you got me to go look for that .gif i created the other day ed: ah here we are lol Spoiler: PICTURE OF KEN34
Market map @ sandwich hour: ER upcoming after the close today/before open tomorrow: $PLAY $HQY $HDS $VAL $NX $MBUU $FRAN $CASY $CVGW $SIGM $JW.A $SCWX $LAYN
those tech names are rockin' it today ... FB, AMZN to name a few ... looks like the NASDAQ just narrowly missed hitting new ATHs lol
ACIA and facebook hit a new 52 week high today? my gosh, what is going on, all the big name tech stocks are flying!
/DX (dollar index) coming up on an interesting area here on the daily ... TL support @ around 94.50ish then the August lows at 94 will it hold? this will be interesting because if this breaks down, you can probably bet we're gonna see a continuation of the nice bid we've seen in the pm's ...
Ha! Thanks @Cy McCaffrey -- I'm trying to get back here like I used to, but man it's been tough juggling everything these days. Just when I think thing are 'quieting down,' they seem to do anything but! Anyways, can you believe the RUT? It just won't quit! After it's rip @ end of June / early July, the 20 DMA has yet to break, causing the RUT to trade within an ever-tightening range. It's "up-range-bound" in a way that seems, dare I say, strikingly similar (albeit not perfect, admittedly) to how it traded coming out of the Oct 2014 drop. It seems that if ATHs are coming up next, first we need a pullback to sub-50 DMA, similar to what we saw in Apri 2015 just prior to Summer 2015 ATHs. And just like back then, a major TL is moving in to act as floor if, indeed, the small caps do pull back. Could be setting up for a similar dip-bounce-push to previous (or dare I say new?) ATHs. Regardless, the RUT needs to take a solid breather first, IMHO, but when it does, I suspect the 50 DMA will hold this time around. I guess we'll see...
hmm, this will be interesting, if it bounces off that trendline, could we consider that a triple bottom? if something tests so many times so quickly wont it eventually break through? will be VERY interesting to see the move the fed make later this month. im planning to hold nugt till around that time. gdx has been crushing it, it has a couple big hurdles coming up to clime though, but if it breaks through, gdx can run some more. i saw the open interest for gdx at $30 calls was stupid high for next week.
@Ken34 we'll see ... it could very well happen (bust that trendline support) leading up to the FOMC meeting which is still 2 weeks from tomorrow ... there really isn't much on the domestic econ. front, but i'm not sure if we have any noteworthy FED heads talking this week (?) that could have any real impact ... either way you can bet which ever way the dollar moves, its going to have a pretty profound impact on pm's and the like ... if i had to pick a direction in the very short-term i'd say there's a very realistic chance this tests the August lows before the FED meeting ... i don't think we go all the way down to the June lows until at least post-FOMC though ... should be interesting!
we do have the beige book tommorow, although i never keep up with the beige book so i dont remember if that affects the markets too much or not.
good stuff @Value543 damn glad to see you back in action here again man! that RUT = beast mode! haha i believe i had brought this up in a post on the weekly poll for this week ... but i think small caps are poised for new highs -- however i agree with you that a pullback first before we see those ATHs (nice observations on the oct. 2014, and april 2015 comparison btw) would make sense here ... the thing has been on an absolute tear while the other majors have just been kind of chopping it up for the most part... my feeling was that the RUT would probably drag the rest of the markets higher with it since there's no way the RUT can do the heavy lifting all by its lonesome ... albeit, i say that yet the RUT sure as hell has been doing a bang up job outperforming the overall markets over the past few weeks haha! it's about time small caps started leading the way again ... recall that they were the big laggard in that last correction, and aside from the transports they were beaten up the worst during that correction ... so it's pretty encouraging to see this nice bounce back, and now almost back to new highs! i just don't see how the RUT does not make new highs at this point ... it's gotten this far, plus we had the other majors do it already this year, so it would make sense and definitely confirm the rally in a big way! as of today's close the rut is up +10.34% ytd check out the ytd chart of the major indices -- can you tell who the clear winner is here?
