Rusty Market Musings

19/08/2009 Rally mode again

LtPinback — Wed, 19 Aug 2009 22:41:13 +0000

A gap down at the opening that was quickly closed to the previous day’s close followed by a bit of flagging and another sudden leg up followed by more flagging into the close. Volume was dismal.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

The market responded favourably to a surprising drop in crude oil stockpiles that might suggest an improving demand outlook.

S&P 500 Index Daily Chart

18/08/2009 Some retracement

LtPinback — Tue, 18 Aug 2009 22:07:19 +0000

Flat opening and a slow uptrend. Volume was dismal.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

Results at consumer giants Home Depot Inc (HD), Target Corp (TGT) and upscale department store operator Saks Inc (SKS) were helped by cost-cutting as revenue growth remained slack.

The earnings reports offset an unexpected drop in housing starts and permits in July.

S&P 500 Index Daily Chart

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

14/08/2009

LtPinback — Fri, 14 Aug 2009 21:56:03 +0000

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

S&P 500 Index Daily Chart

13/08/2009

LtPinback — Thu, 13 Aug 2009 21:53:47 +0000

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

S&P 500 Index Daily Chart

12/08/2009

LtPinback — Wed, 12 Aug 2009 21:51:55 +0000

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

S&P 500 Index Daily Chart

11/08/2009

LtPinback — Tue, 11 Aug 2009 21:49:50 +0000

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

S&P 500 Index Daily Chart

10/08/2009

LtPinback — Mon, 10 Aug 2009 21:47:16 +0000

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

S&P 500 Index Daily Chart

07/08/2009 New Highs

LtPinback — Fri, 07 Aug 2009 22:47:51 +0000

The Market gapped higher and rallied to new highs but around 1:30pm it reversed direction and closed well below the highs. Volume was average.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

Job losses came in much lower than expected and point to being at or near the end of recession.

S&P 500 Index Daily Chart

06/08/2009 Orderly Profit taking

LtPinback — Thu, 06 Aug 2009 22:29:47 +0000

Orderly downward trend. Volume was average.

S&P 500 Index 5min Chart

S&P 500 SPDRs 5min Chart

Broad-based pull-back on profit taking and overbought worries.

S&P 500 Index Daily Chart