17/08/2009 Correction

LtPinback — Mon, 17 Aug 2009 21:38:54 +0000

Huge gap down and tight range trading all day. Volume was well below average.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

Japan’s gross domestic product showed its economy pulled out of recession in the second quarter, but at a slower pace than expected, prompting a sell-off in major Asian markets that spilled over into Europe and North America. In the U.S. Lowe’s Companies (LOW) gave a poor outlook and together with last week’s poor data on U.S. consumer sentiment and retail sales was all the ammunition needed to prompt the correction.

S&P 500 Index Daily Chart

18/05/2009 Back into the trend channel

LtPinback — Mon, 18 May 2009 22:34:47 +0000

Large gap higher and an upward trend channel from start to finish with a little resistance at 900. Volume was average.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

Citigroup’s (C) upgrade of Lennar Corp (LEN) shares to “buy” and Lowe’s Companies (LOW) raising its full-year earning forecast fueled the rally into life again. The Chicago Board Options Exchange Volatility Index (VIX) fell 8.7 percent to close just above 30.

S&P 500 Index Daily Chart

Rusty Market Musings » LOW

17/08/2009 Correction

18/05/2009 Back into the trend channel