By Lawrence G. McMillan
MORRISTOWN, N.J. (MarketWatch) — Three week ago, we wrote that strong buy signals were in place . For the most part, those buy signals remain in place today. Therefore we continue to look for higher prices ahead.
By Lawrence G. McMillan
In yet another display of the “nothing is ever my fault” philosophy, a class action lawsuit has been filed against VelocityShares and Credit Suisse on behalf of anyone who purchased the Daily 2x Long VIX Short-term ETNs (TVIX) from November 30, 2010, through March 22, 2012.
TVIX shares were first issued on November 30, 2010, so the lawsuit covers nearly the entire length of time that they have existed – from day 1 through the day that Credit Suisse began issuing new shares again (this past March).
By Lawrence G. McMillan
$SPX broke out on June 29th, and has since added togains, exceeding the early June highs. This creates the bullish pattern of higher highs and higher lows on its chart. $SPX could easily challenge resistance at 1390-1400 in the immediate future.
Equity-only put-call ratios remain on buy signals.
Market breadth was very strong again, and now the breadth indicators are on buy signals but are quite overbought.
By Lawrence G. McMillan
In a somewhat classic move, “everyone” was bearish and yet the market broke out to the upside. The most recent upside move kicked off in earnest last Friday, after yet another apparent agreement in Europe.
By Lawrence G. McMillan
With so many volatility derivatives and products available for trading now, a debate has arisen as to what is influencing their pricing. Is it actual volatility expectations, or is it supply and demand – or possibly something else altogether? It is important to understand these relationships for several reasons, the most obvious of whish is that it can help one to construct theoretically profitable trades.
By Lawrence G. McMillan
$SPX is back down into its previous trading range. The broadest measures of the $SPX trading range now show support at 1270 (the early June lows) and resistance at 1360 (the mid- June highs). There is also support at 1305-1310, where $SPX has registered daily lows several times this month. The 1335-1340 area is now resistance once again.
Equity-only put-call ratios remain on buy signals.
At the current time, breadth indicators are on buy signals as well.
By Lawrence G. McMillan
The stock market, as measured by the Standard & Poor’s 500 Index failed to hold on to the upside breakout of last week and is now back in the trading range that had previously contained the market for a month or so.
The range is a bit wide now, with resistance at the June highs of 1,360 and major support at the June lows of 1,270. There is also support in the 1,305-1,310 area. All three are marked on the chart below...
By Lawrence G. McMillan
So for the second time in four days, a severe down day was followed by a tepid rally. This is hardly bullish inspiration. $SPX sits almost exactly in the middle of the month's lows (1270, roughly) and highs (1360). There should also be support in the 1305-1310 area.
By Lawrence G. McMillan
The stock market had just about everything going for it in technical terms this week, but then the fundamentalists delivered a nasty blow today (Thursday, June 21st). Technically $SPX is just below the support level of 1330-1340.
Equity-only put-call ratios remain on buy signals, despite Thursday's large decline.
Market breadth was very poor on Thursday. As a result, both breadth oscillators registered sell signals.
By Lawrence G. McMillan
The stock market finally responded to a broad set of positive technical indicators and has broken out to the upside. The individual pieces began to fall into place last week, with the last piece (VIX closing below 21) occurring this past Monday. This should pave the way for a strong intermediate-term rally.
