All signs continue to suggest that the market’s current intermediate-turn uptrend has further to go. It would probably take a break below key near-term downside support levels – about 1490-1500 (S&P 500), 2630-2640 (Nasdaq), 13,500 (DJIA), and 865-870 (Russell 3000) – to change the current positive market trend picture.
New positions
Alcoa (AA) – Last Wednesday [...]
The market has left little doubt that the current trend remains up, as the weekly trend picture for all the major market indices and sectors confirms. The key U.S indices have now reached resistance levels that are just short of the July highs – i.e., 13,850 for the DJIA, 1535-1540 for the S&P 500, [...]
This week’s market trend picture has swung back to a positive bias, reflecting the market’s recent “noisy” week-to-week price action. As long as the trend picture is positive, I’ll give the benefit of the doubt to the upside.
New positions
ConocoPhillips (COP) – Last Wednesday I sold some September 85 calls against my long position in [...]
Last week’s market weakness is reflected in the now negative/mixed trend pictures for the major market indices and sectors. The number of identifiable trends however remains low (and has shrunk further for most of the major indices), reflecting the current high level of “noise” in the market action.
Sentiment levels are still bearish (which is [...]
The trend picture for the major market indices remains somewhat mixed, but still positive overall. I’m continuing to look for put-selling opportunities into downdrafts on selected stocks.
Key near-term downside support is now at about 1450-1460 and 1430 for the S&P 500; 840-845 and 830-835 for the Russell 3000; 2580 and 2500 for the Nasdaq; [...]
