Once you start this market up…
9:38 America/Los_Angeles 22 Jul 2009 
7 Comments
The market has been on a binge ride lately and refuses to show any signs of anything stopping. Even today you can throw ugly earnings reports from Morgan Stanley and Wells Fargo at it and it just takes it in stride and keeps trucking along. Remember the trend is your friend… but is this sustainable? The next resistance level that I’m showing technically speaking is $96.80 on the SPY.
Below is a little video from the Rolling Stones for your enjoyment that fits the theme of the market right now… I was hoping to show the real video that has Mick in the sketchy purple getup that is hilarious, but no embedding available on that one. (Link for that video)
After the video are a couple charts of the SPY to show the stretched condition and latest rally.
6 Month Daily chart showing moving averages, volume, and stochastics. Take aways: Low volume wedge up, bounced off of 200 day MA, way overbought on stochastics.
1 Year Weekly chart showing 50 day moving average, volume, and stochastics. Take aways: Low volume wedge up, breaking through 50 day resistance, weekly stochastics have some room to run up.
I would like to hear what your opinions are out there on this recent run and the market overall.
I like the stones video reference. And to add I think the drugs the market is on will wear off like they did for the stones.
picked up some SRS today… looks like it has some support around 18
The market definitely show some weakness today towards the end of the day.. Maybe the drugs are wearing off!
Wow parabolic move today… skipped past that resistance, but maybe it will trip it up.
@ Sam
Man so much for that support on SRS!
Yeah tell me about it…. no bueno.. but I did pick some more up at the close today to try and average down
Weekend time .. enjoy the profits of manipulation