Fiscal cliff will be resolved just fine, and the markets will turn back to troubles in Europe.
That is just speculation based on the analysis of EUR/USD and the American equity markets.
EUR/USD doesn't appear to have the strength to punch through the upper trend line.
I think that SP500 will eventually climb to all time highs. Will it break them? No clue. But touch them - very sure SPY will.
Here's a longer term overview of SPY. Main idea of both charts is that there is no distribution visible.
More in-depth analysis here
Looking at the current state of affairs, it appears that this rally will continue as long as no major volume hit the market.
Observe where the volume spikes up.
The main focus is the daily idea here:
The longer term is just the overview of the accumulation/distribution in SPY
This trade depends entirely on how the indexes perform.
The stock came off the yearly lows nicely; the bounce off strong support was a beauty.
It is now on it's way up, however, at this time it might retrace. That's why the stop loss is this tight.
Sorry, I had to turn the volume off because it was blocking the chart
CLF looks oversold. Weekly showing big increase in volume lately and the price approaching some decent support.
Considering that the market overall might shoot up soon, I'm willing to enter this trade.
Since there hasn't been great amount of evidence yet that the stock will reverse, I'm keep...
Well, today was interesting. All stocks on my watch list managed to climb. This one fell. Guess where I went in, thinking that the overall market will go up - at the high of the day. Oh well, might be for the best, because this stocks seems more index independent than others on my list.
Because I missed the chance in ZION, and USB. STJ was too...
Although I expect this sudden gap candle to be followed by a quick retrace back down to support, it does show that the market is oversold and is itching to have a rally.
I will buy if I see the signs of buying around the level of entry that I have up on the chart.
My watch list is ZION, USB, and PEG.
Even though I'm quite bullish on the overall market, I decided to short Rogers.
1. Clearly overbought and out of steam
2. Telecomm index was also quite overbought (probably due to Rogers)
3. Wasn't quite bullish on the overall Canadian market, without American support
Red - stop
Green - target
*I use a different platform for my analysis
I'm expecting a small correction down, before we see more accumulation/absorption.
The green stripe is both strong support and a buy zone.
Weekly charts suggest that this would be a good mid-term trade.
My decisions are based upon my charts in a different platform.