SPY Volume?

By | May 23, 2014

Volume in the SPY today was 39% below its 50 day moving average of volume. Overall volume was particularly low this month, only above the 50 day average on down days, and considering how benign the VIX has been, the lack of conviction is noteworthy.

GLD Ready To Move?

By | May 23, 2014

The chart of the SPDR Gold Trust Shares (GLD) shows price compressing in a narrowing triangular range over the last two months. The Bollinger bandwidth indicator at the bottom of the chart, which measures contraction and expansion in the band range, is overlaid with a 14 period average true range. They are both at extremely… Read More »

Weekly Chart Change?

By | May 23, 2014

The charts of the weekly indices are key to interpreting the intermediate term trend of the market. As readers know, I have been focusing on them and the tentative signal they have been sending this year after the formation of a series of high wick candles. Resistance is being tested once again and, at this… Read More »

Back To Work

By | May 23, 2014

I played in the Inaugural Bandon Dunes Golf Tournament this week, a magnificent links golfing experience on the Oregon coast. There will be much more about that over the weekend, but now its time to get back up to speed with the market. The DOW is up fractionally from where it was when I left,… Read More »