This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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August 28 – Stock mentions: IWM, XBI, VXX, TLT, ADBE, BAC, JPM, C, XLF
Russell 2000 (IWM)
Well at least the Russell held support today around the 1,450 region. That was good. However, it wasn’t the most energetic finish to the day with the Russell finishing off its highs, up about 1.14%. Let us be grateful; it wasn’t down.
Biotech ETF (XBI)
Also, the Biotech XBI had a decent day too, rising by 1.4% to finish above resistance around $79.90. It stalled out at the downtrend though, and so we will have to wait and see what the market and twitter brings us tomorrow.
10-Year
The 10-year filled a gap today at 1.45%, and I continue to believe that rates are going higher from here, with a move back towards 2%.
VIX (VXX)
The VIX managed to close below 20, but as I told my Reading The Markets (you know my subscription service), subscribers in a video, I won’t feel better until it is below 17.50.
Also, I told them, (you know my subscribers), this afternoon, my nerves for September are heightened. The S&P 500 has acted pretty crappily (not sure if crappily is a word, but it is now) since the beginning of the month, and based on the past few years, September and October have been brutal months. You too can watch the video I sent to my subscriber by signing up, two weeks are free:), Caution Is Needed
So I’m just patiently waiting now to see what crosses the Twitter wires.
Adobe (ADBE)
Adobe was down today; the chart looks pretty horrible on this one. $275 seems like reasonable for ADBE’s next stop.
Bank of America (BAC)
Bank of America was up a little bit today, but don’t get excited. I don’t think it will last. You can see the trend is still lower.
Citigroup (C)
Same for Citigroup…
JPMorgan (JPM)
JPMorgan…
Financial ETF (XLF)
…and the XLF
Sorry, the other charts look pretty blah…
What do you think of my new marketing techniques 😉
-Mike
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