Haggerty is a serious Old School Trader ... who traded for fidelity for years... and trades his own account every day now...
His comments today on the market, some etf's and the PPT... interesting...
http://www.tradingmarkets.com/.site...he-SPX-in-a-tight-range-by-Kevin-Haggerty.cfm
After 3 big up days, the OIH (+ 12.5%) and XAU (+ 10.4%) finished red with the OIH -0.8% and XAU -2.9%. Aetna (AET | charts | news | PowerRating) imploded (-16.8%) on Q2 earnings shortfall, and that took our focus list healthcare stocks down. The SPX finished -0.4% at 1263.20 just above the 200-day ema while the Dow was flat (-2 points) due mostly to Pfizer (PFE | charts | news | PowerRating) (+2.2%) and Merck (MRK | charts | news | PowerRating) (+2%). The QQQQ was -0.7%, $COMPX -0.8% and $TRAN -1.4%. The transportation index, which is -14.4% from its bull cycle high, is now in primary downtrend territory. It has joined the ranks of the following: QQQQ -17.9%, $COMPX -15.3%, SMH -28.5%, XLI (Industrials) -12.5% and XLY (Consumer Discretionary) -10.6%. The SPX was -8.1% from 1326.90 to 1219.29 and has traded above/below the 200-day ema in a 5% range since 6/6/06.
NYSE volume was 1.8 billion shares yesterday with the volume ratio of 37 and breadth - 455. I expect the generals will hold the averages into month end, as they have done a good job so far this week with the mark up, and what looks like some help from the PPT during the current Middle East crisis. John Crudelle of the New York Post wrote an excellent piece on Tuesday about the PPT (Plunge Protection Team), and how the Post has filed under the Freedom of Information Act to make public the minutes of any PPT meetings. There have been so many mystery moves out of nowhere, and always at the time the SPX is falling out of bed during some kind of some significant major news. Mr. Bernanke (Fed chief) was pressed to admit by Representative Paul that there is a PPT, but Bernanke danced around the Representative's questions. The admitted intervention in 1987 by the PPT from a former Fed governor, now seems to have become a regular tool, and that would make Enron look like an odd-lot. They should simply stay the hell out of the free market.
The SPX two month 5% trading range between 1280.38-1219.29 will resolve itself after month end in the first few days of August. Any significant move out of the range to the upside will be another excellent selling opportunity.
cj...
__________________
HAVE STOP - WILL TRADE
If You Have The Vision We Have The Code
His comments today on the market, some etf's and the PPT... interesting...
http://www.tradingmarkets.com/.site...he-SPX-in-a-tight-range-by-Kevin-Haggerty.cfm
After 3 big up days, the OIH (+ 12.5%) and XAU (+ 10.4%) finished red with the OIH -0.8% and XAU -2.9%. Aetna (AET | charts | news | PowerRating) imploded (-16.8%) on Q2 earnings shortfall, and that took our focus list healthcare stocks down. The SPX finished -0.4% at 1263.20 just above the 200-day ema while the Dow was flat (-2 points) due mostly to Pfizer (PFE | charts | news | PowerRating) (+2.2%) and Merck (MRK | charts | news | PowerRating) (+2%). The QQQQ was -0.7%, $COMPX -0.8% and $TRAN -1.4%. The transportation index, which is -14.4% from its bull cycle high, is now in primary downtrend territory. It has joined the ranks of the following: QQQQ -17.9%, $COMPX -15.3%, SMH -28.5%, XLI (Industrials) -12.5% and XLY (Consumer Discretionary) -10.6%. The SPX was -8.1% from 1326.90 to 1219.29 and has traded above/below the 200-day ema in a 5% range since 6/6/06.
NYSE volume was 1.8 billion shares yesterday with the volume ratio of 37 and breadth - 455. I expect the generals will hold the averages into month end, as they have done a good job so far this week with the mark up, and what looks like some help from the PPT during the current Middle East crisis. John Crudelle of the New York Post wrote an excellent piece on Tuesday about the PPT (Plunge Protection Team), and how the Post has filed under the Freedom of Information Act to make public the minutes of any PPT meetings. There have been so many mystery moves out of nowhere, and always at the time the SPX is falling out of bed during some kind of some significant major news. Mr. Bernanke (Fed chief) was pressed to admit by Representative Paul that there is a PPT, but Bernanke danced around the Representative's questions. The admitted intervention in 1987 by the PPT from a former Fed governor, now seems to have become a regular tool, and that would make Enron look like an odd-lot. They should simply stay the hell out of the free market.
The SPX two month 5% trading range between 1280.38-1219.29 will resolve itself after month end in the first few days of August. Any significant move out of the range to the upside will be another excellent selling opportunity.
cj...
__________________
HAVE STOP - WILL TRADE
If You Have The Vision We Have The Code