Stocks Rally, But Are Not Even Close To Being Out of The Woods

Russell 2000 (IWM)

Well at least the Russell held support today around the 1,450 region. That was good. However, it wasn’t the most energetic finish to the day with the Russell finishing off its highs, up about 1.14%. Let us be grateful; it wasn’t down.

russell, rut

russell, rut

Biotech ETF (XBI)

Also, the Biotech XBI had a decent day too, rising by 1.4% to finish above resistance around $79.90. It stalled out at the downtrend though, and so we will have to wait and see what the market and twitter brings us tomorrow.

biotech, xbi

biotech, xbi

10-Year

The 10-year filled a gap today at 1.45%, and I continue to believe that rates are going higher from here, with a move back towards 2%.

ten-year

ten-year

VIX (VXX)

The VIX managed to close below 20, but as I told my Reading The Markets (you know my subscription service), subscribers in a video, I won’t feel better until it is below 17.50.

vix

vix

Also, I told them, (you know my subscribers), this afternoon, my nerves for September are heightened. The S&P 500 has acted pretty crappily (not sure if crappily is a word, but it is now) since the beginning of the month, and based on the past few years, September and October have been brutal months. You too can watch the video I sent to my subscriber by signing up, two weeks are free:), Caution Is Needed

S&P 500, spx

S&P 500, spx

So I’m just patiently waiting now to see what crosses the Twitter wires.

Adobe (ADBEWealth Strength IndexAAPL is Extremely Up and trending Up)

Adobe was down today; the chart looks pretty horrible on this one. $275 seems like reasonable for ADBEWealth Strength IndexAAPL is Extremely Up and trending Up’s next stop.

adbe, adobe

adbe, adobe

Bank of America (BAC)

Bank of America was up a little bit today, but don’t get excited. I don’t think it will last. You can see the trend is still lower.

bank of america, bac

bank of america, bac

Citigroup (C)

Same for Citigroup…

citigroup, c

citigroup, c

JPMorgan (JPM)

JPMorgan…

jpmorgan

jpmorgan

Financial ETF (XLF)

…and the XLF

xlf

xlf

Sorry, the other charts look pretty blah…

What do you think of my new marketing techniques 😉

-Mike

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