The markets are nearing a key resistance level. This should be short term resistance but probably not the end of the move up. The level on the S&P 500 is 1207. On the SPDR S&P 500 ETF (NYSE:SPY) the level coincides perfectly with $121.20. This level happens to be the pivot high from August 17th, 2011. The likely scenario is a stall-out here for a day or two, then a push through it to the $124.00 to $126.00 area. Once this next level it achieved, look for a significant pull back in the… Continue
All day traders should know this, the week leading into options expiration is an extremely tough period to trade. This is a time when the large institutional trading desks will play a lot games with the small retail options traders. Take a look at the major stock indexes during an options expiration week on any intra-day time frame, you will see a pattern that looks like the Wasatch Mountains. The intra-day swings can make any trader sea sick if they did not take a dose of Dramamine before the… Continue
With the economy still very weak, more stimulus is certainly needed. However just because the U.S. economy desperately needs a jolt of energy does not mean that the Fed will supply it. The topic of Bernanke’s 10am ET speech tomorrow says it all. He plans to speak about the “near and long term prospects for the U.S. economy.” In 2010, the topic of his speech was “The Economic Outlook and the Federal Reserve’s Policy Response.” The big difference between this year and last is that we are…
The markets continue to be in a wild phase. Just this morning, Warren Buffet took a $5 billion stake in Bank of America Corp (NYSE:BAC). This deal is a sweet deal for him but caution flags must go up. The last time the Oracle of Omaha took a stake in a bank it was Goldman Sachs Group, Inc. (NYSE:GS) during the 2008 credit crisis. Rumor has it he was asked to do it by the President of the United States in order to restore calm and confidence to the markets. In addition, any more panic could have… Continue
This morning, the stock market is in jubilee mode over the multi-billion dollar investment in Bank of America Corp.(NYSE:BAC) by Berkshire Hathaway's Warren Buffett. Once again, the man who has profited the most from government bailout's is coming to the rescue of another failing financial institution. This investment tells us that this economy is really in trouble and more government bailouts may be needed again.
Here are a few key reasons that tell us this deal is forecasting… Continue
The major stock indexes have declined faster than they rallied after the announcement of the Bank of America deal with angel investor Warren Buffett. At first, many traders and investors thought this was good news, now it is really turning out to be a negative report for the investing public. This shows the world that perhaps even the banks in the United States may need more capital. All of the leading financial stocks have faded from their gap higher open. Stocks such as J.P. Morgan Chase… Continue
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