What you see below are the actual updates as they were posted by Harry. The only difference between what you see below and what our subscribers see is that the past 24 hours of updates have been removed from the commentary below.
| Date/Time |
Comment |
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| 7/02/2009 11:13:44 AM |
The markets have been quiet for some time now as they failed to mount any serious type of rebound. That may change if the S&P’s trade above the 90000 level and above the 144850 level in the NASDAQ. I plan on leaving early again today in order to get a jump on the weekend. This may be my last comment if the markets stay as inactive as they are right now.
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| 7/02/2009 09:39:07 AM |
Once again the markets are in the process of a possible rebound that could gain momentum above the 90050 level in the S&P’s with the real turn taking place above the 90600 level and above the 146100 level in the NASDAQ.
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| 7/02/2009 08:48:55 AM |
The early selling has gained some very strong momentum but the NASDAQ hasn’t been able to trade below the 144600 level like I mentioned in the last comment. This could force a rebound that could set off some short covering above the 90600 level in the S&P’s and above the 50400 level in the Russell.
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| 7/02/2009 08:07:48 AM |
The markets have reacted to the downside on the release of the unemployment numbers. I would expect the markets to continue to move lower as long as the S&P’s stay below the 92050 level. If the S&P’s close below the 90700 level and below the 144600 level in the NASDSAQ, it would be a strong negative indication of more downside pressure into next week. I would look for some early volatility that will drop off quickly as traders start to call it a day for the long weekend. |
| 7/01/2009 12:51:58 PM |
The overall trend is still moving sideways but there is just a bit of movement that seems to be favoring the short side if the NASDAQ futures trade below the 148650 level and below the 51550 level in the Russell. The trading is still too low in volume and may be a market to stay away from for the time being. I may be doing just that if I don’t see anything develop within the next hour. |
| 7/01/2009 11:30:14 AM |
The markets were able to maintain the levels I mentioned in the earlier comment and it looks like the markets may try to make another move to the upside once the S&P’s trade back above the 92650 level and above the 51700 level in the Russell.
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| 7/01/2009 10:34:58 AM |
The S&P’s were able to test the overnight highs but ran into some resistance just above my 92775 level. That market has slowly been sliding to the downside in what’s been a very slow process. That process may increase and gain some momentum below the 92200 level especially if the NASDAQ futures fall below the 148500 level. If those levels remain intact, it should force a retest of the highs. I would try to get short at any double tops.
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| 7/01/2009 08:53:31 AM |
The early action in the markets is lacking in both volume and volatility but has managed to test the overnight highs. I would look for the S&P’s to try and test the 92600 level which could turn out to be a double top if that area remains intact. I think the market will favor the long side until the NASDAQ futures trade back below the 148300 level. |
| 7/01/2009 08:14:07 AM |
The markets have been moving in a sideways trend for some time now and it looks like that may not change till after tomorrow’s unemployment report. The volume continues to be ultra light on during this holiday week. All my indicators are dead neutral but could favor the downside with a close below the 90600 level in the S&P’s and move in favor of the upside with a close above the 92300 level. The NASDAQ futures are still favoring the upside a bit but a close below the 144300 level could change that. I don’t expect any major movement in the markets during today’s session. It may turn out to be another tight range with no real movement. |
| 6/30/2009 01:13:07 PM |
Nothing has really changed since the last comment. The markets still look as if they would like to continue in this downward direction unless the S&P’s trade back above the 91250 level and above the 147150 level in the NASDAQ. I think the NASDAQ will dictate the market direction for the rest of the session. This may be my last comment if the volume doesn't pick up. |
| 6/30/2009 10:53:14 AM |
The markets were able to sell off all the way down to the 90825 level and could continue to move in that direction as the day goes on. There may be some short covering above the 91200 level in the S&P’s but that market would need to trade all the way up above the 91900 level in order to turn the tide back to the upside. I want to keep working from the short side until that level gets violated. |
| 6/30/2009 09:22:08 AM |
The turn did in fact take place quickly and has managed to move lower ever since the S&P’s trade below the 92130 level and 148300 levels in the NASDAQ. The S&P’s should see some more sell stops building below the 91550 level that could carry that market down to the 91290 area. In the meantime, we could see a bit of a re bound above the 92300 level in the S&P’s.
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| 6/30/2009 08:30:43 AM |
The markets are still trading in a range as the holiday week seems to be robbing the markets of all the participants. I would look for the markets to slowly keep working their way higher unless the S&P’s fall back below the 92000 level and below the 148100 level in the NASDAQ futures. A close back below the 90600 level in the S&P’s would attract some new selling into the rest of the week and beyond. This early strength could turn into early weakness if the NASDAQ starts to trade below the 148300 level. Traders will be paying close attention to the Chicago PMI numbers due out at 8:45 CDT followed by the Consumer Confidence numbers due out at 9:00 CDT. |
| 6/29/2009 12:40:35 PM |
The markets haven’t been able to work their way out of the range for the last few hours. Since that has been the case, traders seem to keep dropping like flies as participation in the markets seems to be drying even more that I thought possible. The markets should continue to slowly work their way higher unless I see the S&P’s fall below the 92100 level and below the 50900 level in the Russell.
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| 6/29/2009 10:58:42 AM |
The S&P’s have made new highs in the wake of the NASDAQ futures which continue to make their way higher. The markets have been hovering around the highs for some time now but could set off some profit taking if the S&P’s were to fall back below the 91800 level and below the 147800 level in the NASDAQ. |
| 6/29/2009 09:43:53 AM |
The S&P’s were once again able to mount a bit of a rally once they traded above the 91800 level but the NASDAQ managed to stay below the 148200 level which leads me to believe that we could see another move to the downside if the S&P’s trade back below the 91450 level. |
| 6/29/2009 08:55:03 AM |
The equity markets have been under some pressure since the opening and seem to be ready to gain some downside momentum below the 91300 level in the S&P’s since the other markets have already taken on some strong selling. I want to sell the rallies for the time being as long as the S&P’s stay below the 91800 level and below the 148200 level in the NASDAQ.
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| 6/29/2009 07:47:53 AM |
The markets seem to be entering this holiday shortened week to the upside as we enter the last two day of the quarter. I expect light volume throughout the week with limited participants in spite of it being the end of the month. Traders will be watching for the release of the unemployment numbers due out on Thursday but the holiday week may take some of the excitement out of that number as well. The overall trend seems to be moving in a sideways trend for the most part and should continue to do so. The S&P’s need to close above the 92150 level in order to turn the current trend back to a more bullish scenario but if that market sees a slide back below the 91100 level could bring the sellers back in a much more robust way. I would think the NASDAQ futures would have to trade below the 147300 level in order to help contribute to any new selling in any of the markets. |
