Columbus Day - Holiday Reversals Abound

We got a good jobs on friday, number but we whenever we get up to significant highs the market
does like to do a little back and filling!!! So that is what we got today.

But realistically the markets were overbought short term, and into a long weekend, the market does tend to show reversal signs a day or so before. As you can see on the S&P chart below, we stopped cold at the Sept highs and then sold off into the close.

What I want to remind you here is that MONDAY is Columbus Day in the US so the CME the currencies, the bonds and the CME group is closed. Big traders will likely not be doing much till the middle of next week.

With that in mind, I will not be around posting much till TUES / WED next week.

Happy trading :-)

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More Bank Layoffs Coming: 'Bad as I've Seen It': Whitney

More Bank Layoffs Coming: 'Bad as I've Seen It': Whitney

It seems they are predicting more bank layoffs soon. I think it is a joke that some analysts out there are saying the economy is 'getting stronger', or 'recovering'. If you walk down the street and ask any hard working Mom or Dad just exactly what is going on in their house. The answer will surprise you. Yet the two biggest morons in the world, OBAMA and ROMNEY battle it out, and talk about how they are better than the other moron, will strengthen the economy, while billions of dollars are pumped into the election campaigns. Anyone else see the problem there?? Errrr, well, ok....don't get me started!!! LOL. :P

Anyway, in our last post here, we hinted the DOW JONES TRANNIES (or the leader of the market) was not looking too healthy at all. There was increased selling volume while it started selling off. That was a good warning sign. Today the trannies broke out of what I would call a pennant, and then bounced, back to the support of the pennant pattern. The weakness did roll on over to the follows S&P and other indicies as well.

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