Tentative Gains
Not a whole lot to say about today. The Semiconductor Index gained nearly 1% as it pushed a new multi-year high, but most of the gains were achieved by the open and it didn't add too much after that. However, it did keep shorts at bay for another day (resistance remains former channel support).
Aside from Semiconductors, there wasn't too much to add. The S&P had one of the least exciting days in a long time. Technicals were unchanged by the very flat day.
The Nasdaq made slightly bigger gains, but not enough to change the technical picture, nor the context of where the index stands now.
The Russell 2000 didn't quite make the same gains as the Semiconductor Index, but it kept with the notion of building support at the swing low.
If bears are to strike I would expect a big one day sell off; a hectic first half-hour of trading which doesn't recover. The bullish outlook is likely going to be more like today with small, insignificant gains, which add up over time. My bias expects a bearish sell off, but I have been wrong on this rally for too long.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
Aside from Semiconductors, there wasn't too much to add. The S&P had one of the least exciting days in a long time. Technicals were unchanged by the very flat day.
The Nasdaq made slightly bigger gains, but not enough to change the technical picture, nor the context of where the index stands now.
The Russell 2000 didn't quite make the same gains as the Semiconductor Index, but it kept with the notion of building support at the swing low.
If bears are to strike I would expect a big one day sell off; a hectic first half-hour of trading which doesn't recover. The bullish outlook is likely going to be more like today with small, insignificant gains, which add up over time. My bias expects a bearish sell off, but I have been wrong on this rally for too long.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
