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2007 May at Trader’s Narrative

Archive for May, 2007

When I mentioned the bubblicious state of the Chinese market I trotted out the factoids that their indices are trading at astronomical levels relative to their respective long term moving averages (200 day).

But this sort of tell is not very reliable. For one, tops are, by their very nature, notoriously difficult to pinpoint. Unlike their […]

I adore simple things. I’m a “simpleton”. There’s an elegance in simplicity that I find difficult to fathom. Paradoxically, simplicity isn’t simple at all. When you see something simple, beautiful… it is because everything “not beautiful” isn’t there.
There’s that old story of the sculptor saying that he didn’t carve a masterpiece but only chipped away […]

Last Monday (May 21st, 2007) I wrote about the deep oversold condition in the US REIT sector and why I thought that it was a bear trap.
So far, according to the CBOE Dow Jones REIT Index (DJR), things have played out according to that script. After reaching just below the 200 moving day average and […]

Finally! The S&P 500 finished the day at 1530.23 - an all time high. Everybody was watching this level as it had been the line in the sand, drawn more than 7 years ago:

On March 24rd, 2000 the S&P 500 reached an intraday high of 1553 (red circle above). And for the next few months […]

Utility Stocks Snap Back

Yesterday I wrote about utility stocks being on sale. Today most of them gapped up in a technical snap back but finished the day poorly.
Still for nimble traders there was ample opportunity to take advantage of the short term oversold condition in this sector. Here are two charts from FPL Group (FPL) and Entergy (ETR) […]


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