OTC: March 22, 2016 S&P 500/ SPY: Overnight news set up a possible reversal on the charts this morning but the market slowly shrugged off world events and held firm with SPY testing its recent high and QQQ tipping the big 108 level.The strength of the market is certainly not in question whether you […]
OTC: March 21, 2016 S&P 500/ SPY: The hangover that usually follows triple option expiration turned into just a little bit more of the hair of the dog as traders held the market up and still near the highs for the overall move. There were no big macro moves in any of the outside […]
OTC: March 17, 2016 S&P 500/ SPY: There was follow thru today for SPY but the market was mixed as oil was very strong while biotechs and healthcare were under extreme pressure. The crushing of the dollar continued today giving commodity related stocks their bid and helped to push us above the important chart […]
OTC: March 16, 2016 S&P 500/ SPY: Our leader of making the market move spoke today and hit the dollar with a 2 by 4 as Yellen said that the fed will now only look to raise rates 2 more times this year instead of 4. This immediately caused the dollar to sell off which […]
OTC: March 15, 2016 S&P 500/ SPY: The previous month’s of volatility seems to have ground to a halt as traders throw out the words slow and waste of time to describe the last 3 days. This was more like the type of trade we saw for years on the way up as the VIX {see chart below} stayed low and intra day […]
OTC: March 14, 2016 S&P 500/ SPY: The start of a big week with the Fed and numerous economic reports it was understandably slow which still leans bullish as the morning sell off reversed and SPY actually tipped Friday’s high but settled a touch lower.That changes nothing on the chart and still has traders […]
OTC: March 10, 2016 S&P 500/ SPY: The negative rate bazooka misfired for Draghi today after cutting rates he then said at the press conference that he would not cut them anymore. Traders who were in the crossfire betting on more QE and stimulus were caught selling euro currency FXE at the low and […]
OTC: March 9, 2016 S&P 500/ SPY: This is called an inside day on the chart as we did not make a new low or high compared to yesterday’s range. There were plenty of swings to catch or be caught in while the market decides its next move as patience seems to be the […]
OTC: March 8, 2016 S&P 500/ SPY: Will we follow oil down and go back to being correlated was the question yesterday and with oil down over 4% we have the answer but was today’s drop really oil? The market most of the day fought of every new oil low until the end when […]
OTC: March 6, 2016 S&P 500/ SPY: The Bulls had the stronger than expected payrolls the bears had weaker wages and both were lined up to fight it out at the SPY 200 level. Skipping the details both were looking to be huge winners and it went the distance to end…as a tie? 200 […]