Before the market opened I expected Dow to go down and Nasdaq to close flat or a little bit up. This is because two of Dow components missed the earnings, T and PG and jobless claims went up last week. Instead I saw a run towards 12,020 on Dow. VIX is almost at it's lowest value in 4 years. This plus the fact that SPX is about 17 points above SMA 120 makes me think market will cool down a little bit on short term.
On intermediate and long terms market looks very solid. I haven't noticed any bearish move in the last few days. Some people may argue that Dow tried twice to close above 12,000 but failed. I won't put too much weight on this fact right now. I would be impressed seeing Dow touching 12,000 then at least a mini-plunge intra-day. That would be something.
Dollar went down a little bit but gold also went down. EMA 35-EMA 70 seems to be a good pair of EMA for those trading gold on long time frame. I went back to 2006 on weekly chart and they worked well back then as well. Gold is moving very close to the support around SMA 150 and EMAs are pointing down but no crossing yet.
A new round of earnings tomorrow morning and after hours today. AMZN is down 10% as I am writing this and MSFT earnings were not impressive either. The most important thing is how market is going to react to tomorrow's earnings. Are we going to see another discrepancy between earnings and market move?
P.S. Thank for the "coffee", whoever bought it for me today. It was delicious :)
P.S. Thank for the "coffee", whoever bought it for me today. It was delicious :)
No comments:
Post a Comment
Thank you for your feed-back