Markets Pause After Recent Run
May
12
Written by:
5/12/2009 1:40 PM
Markets Pause After Recent Run
Taking a look at the S&P 500 chart today showed a 5 day top formation which was enough for me to close out my Ultra S&P 500 Proshares (SSO) positions that I had. Two positions were quite profitable near 20% and 15% with the third recently purchased position losing about 2.5%. When the S&P 500 broke below the recent low of 902, I felt it was time to sell. In addition, the NASDAQ has not performed well the last couple of days and the Bank Stress Test completion didn't provide a catalyst beyond Friday like I had hoped.
Simple Moving Averages
I still think there is more upside on a longer term basis as the simple moving averages remain bullish. Charting the 3 month S&P 500 with the 5 day moving average and the 13 day moving average shows a break of the 5 day moving by the current price but the index is not close to having the 5 day moving average break through the 13 day moving average which is a clear sign of a reversal of direction. And with longer term averages like the 13 day vs the 50 day, the spread between the averages is even greater.
6 comment(s) so far...
Re: Markets Pause After Recent Run
The Nasdaq gave a hold signal after yesterday's action over at ClearStation.com. This first of the major four to signal it's time to move to cash. Chart
By Steve on
5/13/2009 8:19 AM
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Re: Markets Pause After Recent Run
According to me the market would go up this week
By Edward@Vancouver Web Design on
5/13/2009 11:31 PM
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Birmingham Accountants
I think we're beginning to see the signs of a recovery now. The losses I made on my portfolio are starting to show signs of recovery with insurance especially.
By Birmingham Accountants on
5/15/2009 3:56 AM
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Re: Markets Pause After Recent Run
Recovery? Recession is sitll in the hearts of all American people and it hurts us all. Even the English people are starting to feel the crysis.
By Credit Repair and Debt Reduction on
5/17/2009 3:20 PM
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Mr
Thanks for this post. I think recession would continue
By Htc Touch Pro Accessories on
5/19/2009 5:41 AM
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Re: Markets Pause After Recent Run
As soon as people start acting like the recession is over, it'll actualy go away. When people are saving all the time and not buying anything, the economy simply can't get better.
By Copart on
6/25/2009 4:59 AM
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