Greece... Blah. Pick Updates.

Jul 9, 2020

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01:13 PM PST

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TGIF I would suppose, right? Markets again are seeing follow through off yesterday's rally into the close after a mild pullback this week and so it appears on the surface, all systems go. We suggested in Wednesday's edition two things that have proven themselves out over the last couple of days. First, there was some underlying short-term strength building, which was evident in yesterday's move and this morning's follow through. And, that the market may want to pull back before heading higher and we got that that too, albeit modestly.


Patience Grasshopper. Pick Updates.

Jul 9, 2020

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01:13 PM PST

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Based on yesterday's head fake where the market gapped higher on the open and sold off all the way into the close, it appears the major indexes are working their way back toward testing their June 4th lows. I will point out though that it's no guarantee. We mentioned yesterday after the NDX hit it's resistance of 2577, there was a good possibility it would pull back before gunning for the 2613 level, which we view as a major line in the sand where traders are likely going to step back in force and really test the bulls' conviction.


VRML Breaks Out. What to Do Now.

Jul 9, 2020

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01:13 PM PST

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We're already at Memorial Weekend! Is it just me getting older or is time actually speeding up? I suspect it's the former. Anyhow, here we are with the old adage, "sell in May and go away." While the major indexes continue to make a valiant effort to put in at least a short-term bottom, I wouldn't hold too much water to the move into the close today. We're likely going to have most traders unwinding their positions, long or short, doesn't matter as nobody will not want to be caught wrong when the markets open next Tuesday, so whatever happens into the close doesn't really mean anything to me.


Market Tries to Mend. Pick Updates.

Jul 9, 2020

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01:13 PM PST

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Markets got off to a decent start this week as it appears on the surface that the Street is surprised the Euro Finance Ministers are willing to bail out Spain. Although I don't think anyone should be surprised, we'll take the perception of it and ask no questions. We made it pretty clear last week that the potential for bad news may be priced into this market and that any positive news out of Europe would likely be favorable for U.S. equities. However, the reality is this market is simply hunting for a base and a bottom it can work with.


Home on the Trading Range. Market Jostles.

Jul 9, 2020

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01:13 PM PST

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Not a whole lot going on in the news today other than the normal cheers or worries over Spain and Greece. Just earlier in the week, Spain was supposedly the reason the markets found some strength and of course today, it's worries over Spain that has the markets nervous. Which is it? Neither if you're asking us.


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