Hey Market Pilot, It has been a difficult, volatile, and heavy market for a couple of weeks now. There were some areas that seemed likely to find support and bounce, but the indexes kept sinking through them. On Monday we continued to get another strong move down, then Tuesday a strong bounce, only to have … Read more
Hey Market Pilot, Last week, we saw the market continue down from the inverse trampoline move. That decline was heavy for the week and flagged sideways into more resistance on a 15-minute time frame. This gave us yet another leg down and actually broke the previous lows from Monday, Sept. 20. As for market action, … Read more
Hey Market Pilot, Last week, I stated that I was wary of the market bounce from Monday the 20th’s big drop. The market never goes in a straight line and when we get such a big move down like that, price often needs to retest support from those lows sometime in the future. So the … Read more
Hey Market Pilot, Last week, I wrote a piece about the S&P 500 (SPY) fading below the daily 50 simple moving average (SMA). In that article, I cautioned about shorting the market because I didn’t know how many opportunities there might be. Turns out there was a nice drop, but you either had to be … Read more
Hey Market Pilot, The Federal Open Market Committee (FOMC) minutes were released along with Jerome Powell fielding questions. Pretty much everything stayed the same, but they are conditioning the market to expect tapering, someday. Perhaps they would have been a little tougher on the taper talk if it weren’t for the Evergrande event. So they … Read more
Hey Market Pilot, Last week, we continued to see the market drift lower as it had been heavy all week. It started when the S&P 500 (SPY) could not hold the daily 21 exponential moving average (EMA) as support, so then it was onto the daily 50 simple moving average (SMA) where it got about … Read more
Hey Market Pilot, I think most of us know that even though insider trading is illegal it still probably happens. Mostly because in order to have deals done, somebody knows something and there are people who want to be able to take advantage of the deal. I don’t think there is the ability to enforce … Read more
Hey Market Pilot, This weekend was the 20th anniversary of the September 11, 2001 attack on our country. I like to take a moment and appreciate and recognize those who worked hard to help save as many lives as they could and those who lost their lives in that tragedy. I know it seems like … Read more
Hey Market Pilot, The market has a few sayings that help give some guidance as to its seasonality and behavior. Arguably, the most commonly known ones are “sell in May and go away,” “buy the rumor, sell the news,” and “don’t short a quiet market.” But the one that pertains to this week which might … Read more
Hey Market Pilots, Today is Labor Day and the stock market is closed which means we get to enjoy a three-day weekend to refresh and regroup. Labor Day weekend is a time to remember the American workforce which has had its trials and tribulations over more than a century as it has made a lot … Read more