Today is Monday June 22nd and the markets really sold off today.
Glad to be back, I had a host of computer problems and Internet problems all at once. Lost a lot of data and programs, tried to get satellite feed hooked up to a new computer with no upload bandwidth capabilities. Too much to talk about here. I live out in the country and high speed Internet is not available so I am at the mercy of other options.
The market put in a a big down day after an early sell off in the pre-market to get it started. All the indexes closed at their lows for the day, which is not really a good sign for tomorrow’s open. Should be some additional selling on the open as a follow through reaction from today. All the smaller traders and investors are going to see the news tonight and get spooked and place early morning sell orders or at least that is what it looks like to me.
I have included a daily chart of the S&P below. Notice the parallel channel. There could be some support there at the neckline, expect a bounce. We will need to see what happens after the bounce to get a better read on future direction. It is still possible we pull down a bit, but not too much and rally off this pullback to push past the old highs through the summer months. But there is strong resistance at that old high and it is going to take some big news or excuse to buy through that resistance. Don’t know until we finish this pull back and look at the bounce up.
Have not done much trading since last week, so there’s nothing to report there. I may not be able to broadcast my screen to those who follow me right now, but I will still be able to use the conference line. Internet data provider says that they will put a restricter on my account because I am using too much bandwidth. That’s why I tried the satellite. Download there is fine, but I have no upload capabilities at all trying to stream data, maintain conference line through Skype and broadcast my screen. I am still looking at all possibilities but I am limited.
I will be on tomorrow and we will see how it goes. If I trade, it will only be very small size.
Until then, I wish everyone well.
http://www.screencast.com/t/QLxiIWwx1xj daily chart of S&P 500
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