Bulls are snorting – again. From the Boxing day bottom, the S&P 500 is up 14 percent. Last week, it recaptured 2630 as well as the 50-day. While healthy, the rally has come too far, too fast. Equity bulls deserve … Continued
Fundamentals are still a suspect, but US stocks were treated with soothing comments from Fed chief last week. Bulls have the ball, but bears are likely to show up at $260 on SPY. Speaking at the American Economic Association’s annual … Continued
Bulls and bears continue to show up at 2600 and 2800 respectively. The S&P 500 just tested support – successfully. Odds favor a rally here. There is dry powder in money-market funds, even as fear reflected in the options market … Continued
US stocks are trying to stabilize after a decent drawdown. How things evolve will depend a lot on how margin debt, money-market fund assets and foreigners’ purchases evolve in the weeks/months to come. After a seven-session, 7.8-percent decline intraday between … Continued
US equity bears had an excellent opportunity to push prices lower. Indices did come under pressure. But it looks like once again bulls managed to put their foot down on time. The S&P 500 large cap index made a new … Continued
Intraday over seven sessions, SPY rallied 5.4 percent. If not an outright reversal, at least a breather is the path of least resistance near term, creating opportunity to earn premium in options. The 1Q18 earnings season is nearly over. As … Continued
There are some signs US consumers are beginning to save up a little and cut down on credit card debt. If – big IF – sustained, this will have consequences for the economy, not to mention stocks. In general, a … Continued
It is a top. But is this the top? All of a sudden, it is not a crazy question to ask. The ferocity by which U.S. equities have dropped in recent sessions, one has to wonder if this marks a … Continued
Equity bulls often assert that this is the most hated bull market ever. There is some – with emphasis on ‘some’ – truth to that, particularly if we focus on short interest. U.S. stocks reached an important bottom in January/February … Continued
November NYSE margin debt increased 3.4 percent month-over-month to $500.4 billion. This is the fourth time in the series’ history it has crossed $500 billion. The first one occurred in April 2015 when debt rose to $507.2 billion – a … Continued