The market continues to surge higher. It has broken through resistance at SPY 96 and it did not even retest that level before it staged its next rally. Buyers drove prices higher yesterday after a decent initial jobless claims number. Bears had everything they could ask for on Wednesday (a 5% decline in Chinese stocks, [...]

Yesterday, the market staged a small rally after Goldman Sachs beat earnings estimates by a large margin. They had record revenues and while the results were impressive, most traders know that this company is in a league of its own. Other earnings from Novellus, CSX and Johnson & Johnson were “soft”. After the close, Intel [...]

This has been a wild week. The market has gone from a technical breakdown to a 7% rally in a matter of days. I believe the path was paved last week when bond auctions fared much better than expected. Blockbuster earnings from Goldman Sachs sparked a huge rally in financial stocks and the market pushed [...]

Yesterday, the market was able to shrug off a worse than expected ADP employment index. Either traders completely discounted it or they didn’t trust the number. An early rally tested resistance at SPY 93 and the market gradually backed off in the afternoon. This morning, unemployment rose more than expected and employers cut 467,000 jobs [...]

Last week, the market broke below major support at SPY 93. It had been in a tight trading range and it looked like we might finally have a long overdue decline. Nervousness set in before a record 4 billion bond auction and the FOMC. The Fed stated that they would abandon their quantitative easing in [...]

Yesterday, the market posted another solid day of gains. End of month buying and Q2 window dressing pushed the market right up to resistance at SPY 93. The move we have seen in the last three trading days has been very “artificial”. Portfolio managers are buying stocks so that they don’t appear to have missed [...]

There are a lot of chart patterns that you can learn out there. There are so many of them. Some which I think is well known are:

Hanging man
Shotting star
Inverted hammer
Bullish and Bearish Engulfing
Bearish and Bearish Harami
Pearsing Line
Dark cloud
Abondoned Baby
Three White Soldiers and Three Black Crows

There are so much of them. How would you be able [...]