Archive for February, 2010
Apocalypse then… happy valentine…
Posted on Feb 13, 2010 by WHC Bassetti.
As we approach the anniversary of the March 2008 apocalypse (funny how fast a year passes when you’re having fun) a biopsy of the market is in order. (If the market doesn’t need a stent, we might.)
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Doodling with the Dow
Posted on Feb 10, 2010 by WHC Bassetti.
True to form the market is confused — or maybe it’s us who are confused. The lack of follow through today is not encouraging — but as we said it’s just sex drugs and rock and roll –no that’s not what we said. We said it was fencing. Perhaps Bernanke’s non testamony affected the market today, and the market is also waiting for Greece to sink or swim. News driven market.
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More fencing…ripostes in EEB, FXE, DIA, SPY, SLV, NYC, ETCETC
Posted on Feb 09, 2010 by WHC Bassetti.
Monday was an anomalous follow up to Friday’s hammer. And it appeared that Friday was just a freak day sponsored by the put sellers. But today, trading on news, the market appears to be following through on Friday’s pattern. The news of course is that the Greeks are not going down. So far. So the driving force of the market for some weeks — that is the strength of the dollar and the weakness of the euro is being reversed. As this is written this is not a proven fact. It is informed speculation.
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Boxing, marathoning, surviving…
Posted on Feb 08, 2010 by WHC Bassetti.
One of the important uses of this letter is to call attention to the ongoing state of the market — when it’s trending and when it’s trading. This is one of the most important questions in investing (and, obviously, trading). Amazingly many traders don’t know when the market is in a trading mode –except for the fact that they are making money.
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At it, hammers and tongs…GLD, SLV
Posted on Feb 06, 2010 by WHC Bassetti.
As you will see from our discussion yesterday there was in addition to the hammers in the indices a hammer in the metals. At this point the SLV and the GLD are one day away from confirming a valid downtrend in the metals. In fact, for the aggressive trader there is already a downtrend. You will remember that we hedged our metals positions a few letters back. We had a few trades so small we just left them alone in family accounts. Indicative of our belief that after this market has cleaned out all the believers it will soar again. Naturally we will be trying to catch it on lift off, but right now we’re happy to be hedged. Of course if we don’t make any money on our hedge we’ll be less happy, but that’s life in the fast lane. Friday could be the day we should have cashed them in.
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Noted technical analyst WHC Bassetti has over 40 years' experience in the financial markets and is Malcom S.M. Watts III Adjunct Professor of Finance and Economics at Golden Gate University. He is editor of the Ninth Edition of Technical Analysis of Stock Trends, widely considered to be one of the true classics of market analysis.
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