Corelio's List: The S&P500: Trading Strategies and Macroeconomic view
5/20/03 Interesting trading action. As I mentioned before,
it is tough business to short the current market. Just when
the shorts thought that they had won the battle, the big
money came in and bought everything that was being offered.
If you did not have the chance to watch intraday action,
prices traded on a tight consolidation channel for most of
the day, and by 2:30PM prices started to break down. But
with about 45 minutes to the close, the big money came in
and they were not shy on the buy side. The drove prices
deep into the broken channel, which suggests caution for
the shorts. We also closed with a high TRIN of 1.50 and
an unchanged P/C ratio of 1. These high numbers suggest
that shorting will not be easy task on the days ahead.
Gold stocks traded marginally higher. Gold futures is
putting a strong push, but gold and silver stocks continue
to lag, especially on the volume side. No signs of a strong
reversal in the dollar, but selling momentum has decreased
for the near term. Bulls are trying once again to come in
and reverse the trend.
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