Did anyone else find it concerning that President Bush, in a news conference yesterday, was astonished by a reporter’s question asking what would be the effects of gasoline prices at the pump reaching $4.00 per gallon by the summer?

It would seem like his team of economic advisors would have alerted him to this possibility, at […]

Today was in interesting day in terms of intraday analysis and trading. Let’s take a look at what happened today!
First, the idealized trades in the SPY on the 5-minute chart:

While the chart may seem garbled, let’s take it step by step.
First, notice the gap fade trade that resulted in a bear flag. Traders […]

As I mentioned in last night’s blog post, index prices had hit probable resistance, formed a doji, and were poised to head lower. Today, prices headed lower, forming dual-bear flags as further confirmations.

Notice the first bear flag which set-up into yesterday’s price close. You have the first push down which is followed by […]

Could the US Dollar Index get any lower? Absolutely, as today’s price action showed us rather resoundingly:

Not only did the index make new price lows, but it made new momentum lows, which could forecast even lower prices are yet to come.

The index closed at $74.17, violating the late November price low of $74.50. […]

The Dow Jones Index has hit an area of supply today which may serve as an area of resistance. Let’s look:

The 12,800 index level has served both as support and resistance during the last few months, and this area of supply is being tested currently. Notice the doji candlestick that has formed at […]

Today, Google (GOOG) shocked traders and investors alike, blowing past potential support at $500 per share and gapping down on significant volume to form a semi-hammer pattern.
Let’s look before describing the picture:

First, notice the massive triangle break-down toward the end of 2007. This led to a large volatility price move to the downside as […]

The market continued to defy the odds today and make new (relative) price highs in a price continuation move out of the recent triangle pattern break.
This is a case where the technicals (price patterns) trump the fundamentals/news, as today otherwise would have been an immensely bearish day for the US Stock Market indexes.
Let’s start with […]