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2010 May at Trader’s Narrative

Archive for May, 2010

I pointed out the clear hammer candlestick that appeared in myriad charts yesterday as the market rebounded from its intra-day low to close higher for the day. Today’s inverted hammer candlestick is also very important to notice. Perhaps even more so in light of the recent downtrend and the previous hammer.
According to traditional Japanese candlestick […]

While most of the attention is on the large caps which make up the major indexes like the S&P 500 and the Dow Jones Industrial, the small caps are continuing to outperform the wider market, even during this recent decline.
The 340 level on the S&P 600 index continues to be a major pivot:

Note the current […]

By now I probably sound like a broken record but the evidence for a ricochet off these levels is building up. Let’s run through it quickly:
Today’s close gave us a beautiful “hammer” candlestick formation. Its long tail is trailing right where the S&P 500 index found support back in February of this year:

While not a […]

In this video Robert Prechter discusses the recent global sell-off that has sent all major U.S. averages 10% below their 2010 highs with Aaron Task of Tech Ticker. Prechter reiterates the position that he’s been holding for several months that the bear market rally that he successfully identified and rode in March 2009 is now […]

This fascinating chart, from McClellan Financial, compares the CBOE volatility index (VIX) with the 2 year offset 90 day T-bill interest rate:

The chart may seem like mere coincidence or an example of curve fitting. But I can think of two explanations for a link between these two series. First, when you have the Fed […]


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