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Intraday Market Commentary From Stifel Nicolaus - August 27
From Elliot Spar of Stifel Nicolas
Selling the opening rally worked again. How easy is this becoming? The bears were on their way to the bank after the Intel pre-announcement but I don’t think they stayed on the Fidelity green path. Everyone got short and then the Bernanke prepared statement said the Fed stands ready to act. When traders realized that INTC was going to reopen flattish, the buyers came back in a big way. Did anyone notice that the key 1040 level held on the S&P 500? How about that VIX? It held below Wednesday’s peak. What’s next? There are overhead down trend lines that have to be taken out in
order to change the short-term trend:
Down Trend lines: SPX 1070
Nasdaq Comp 2160
RUT 605 (a bit above now)
NDX 1810
Bottom-line: 1040 is your stop out point on the S&P 500 for your long market type stocks.
COMMODITY IN FOCUS
October Crude Oil
CL/V0 1 74.27 (+ .91)
Bulls have a lot of work to do here. First down trend line at 74.50 and then 76. A slippery chart.
INTEREST RATES IN THE NEWS
10 Yr. Treasury Yield Index TNX 1 26.29 (+ 1.30)
Looks like a key reversal day. A close above 25.80 would be another plus for the TNX. Next resistance up at 26.80 area.
VOLATILITY INDEXES IN FOCUS
VIX, VXN, RVX
Today’s drop has them all testing up trend line support. A clear break implies higher stock prices.
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"Did anyone notice that the key 1040 level held on the S&P 500"
Did this dumbshit notice U.S. Goobermint MANIPULATION?
I was hoping his question was dripping with sarcasm...otherwise...awful.
33 Liberty drew a line at 1060 this afternoon. Game on!
Like the dollah always falls toward the Euro mrkt close, not! Bannana Ben is droppin' peels.
This is another reason to take everything with a grain of salt on this web site (ZH). Stifel Nicolaus is one of the biggest shamster outfits going.
Taking anything at face value without your own critical analysis is unwise, in my opinion. Even if they're honest, humans are fallible.
He must be a deflationist, he pretended that gold did not exist.
what about gold Stif Dicolaus ?
Has anyone seen UNG today? Looks like it is about to implode.
what a dog that thing has been
indeed sir! Curious as Nat Gas index closed positive... something smells very, very wrong there.
2nd time now the S&P has bounced off of 1040 like a super-ball. reeks of bogosity.
With the velocity of the bounces, you can bet your balls that once it does punch through it will be a very short race to sub-800's.
I getting a bit tired of the 'professional' guesses based on TA non-sense.
You're saying TA doesn't work?
I'm saying it's a guess and nothing more which means it's sometimes right and sometimes wrong and all the time either lucky or unlucky. In all cases, it's as bogus as a 3 dollar fiat bill.
I would agree with that with regards to sell side technical analysis (propaganda). A lot of their calls/predictions are just steered to keep their clients/prospects buying their products. The buy and holders, sell at the bottom, buy at the top investors per their broker's recommendations of course. As far as discretionary trading goes (which I don't think you were referring to), TA is very valid.
Anyone having problems getting into Denninger's ticker forum today????
Yes
Re-short ESU0 at 1060, today's scam run-up won't last the weekend. Intel already showed us what is coming in Q3 earnings. Alot of pain.
This is the 4th time the 1040 has signaled a bottom.
Quadruple bottoms anyone?