Goodbye July...

Market action today...

Found this video referenced on another blog..



I agree with his comments.

tb

Charts of interest..

tb

MSFT...it's been fun...

Took profits on MSFT...See original post here.

tb

VIX Chart...

Market thoughts:

4 days ago...

gap up, run up, run up, run up...

today, Monday, gap up, fade, run up...

I am going short here...to (at least) fill last weeks gap..

tb

Rise and Rally, or Fail and Fall?

The Russell has been here before... 3rd time a charm? Absolutely no resistance if it can break the line..



However, if the IWM cannot break-out, look out below...TWM is forming bullish divergence..



SDS is at a double bottom here, but I can see the ultimate target about 10 more points lower...



Misc charts..







tb

Dollar dive, energy rise...

DUG looks like it has about 2-3 weeks more of selling pressure...



The dollar looks like it is breaking down to next support level...



...giving rise to steel and many other commodities..




tb

SMH chart...

Very clean break-out here. If SMH can hold, we have 10% more to the upside in the semi's...If we get there, take it off the table..

tb

INTC options...

Based on the lopsided OI in INTC, I don't see how the price can sustain $18 a share (AH quote). It looks more like a close below $17 by friday.

tb

XLF Options...

Looking at the OI in XLF you can see why $11 is support during options week, and why $12 will be resistance...

tb

Patience pays off...

I posted the RZ chart a while back, and expected a nice move up. You can see the trendline needed to break to confirm the move.

However, instead of moving up, RZ made a few false break-outs.



The patience to wait for the move up, and sustain the move higher, could have saved you from a bad trade. On the flip side, the savvy trader can see the weakness in this solar stock, and anticipate a break down in stock price.

tb

AA options

On the flip side, the gap at $10, plus the lopsided Open Interest in AA at $10, explains why $10 was the perfect short term resistance.

tb

UNG Options

Very lopsided Open Interest in UNG options... The idea is the market will find a way to even the playing field between bulls and bears... based on OI, looks like $14 can be hit by the 3rd friday of this month (closing day for options)..

tb

DUG Chart

DUG is right at resistance, but looks to break it any day now..

tb

Ahh Summer...

this song is amazing...

Have a nice 4th everyone...

tb