Friday, May 3, 2013

Nemo's Findings week of 5/5/2013

(Course on chart pattern recognition is available now: 

Well, this is starting to feel like Pamplona...anyway, more of the same finishing the week having breeched all time highs in the IWM and the SPY.  IWM bottomed out the week at the top of a price gap, the SPY a hair's width from 158 and FAS dipped slightly under 57.  The top for the week in SPY was a hair under the weekly R2.  No specific levels signified the tops in IWM and FAS.  As we can see from VXX that nobody is worried about anything, and is getting less worried all the time.

Just a thought...Asia didn't get the benefit of the jobs report that rocketed (sorry about the hyperbole) the indexes at 8:30, so I didn't think we'd get an attempt at a gap fill until Asia opens on Monday.  Gotta' let Goldman Sachs Japan office make some money too!!!  ;-)

What's interesting about today though, is the transports didn't make a new high and the news on railroads has been bearish, although their stocks are fairly strong.  Doesn't mean it won't be new highs on Monday though...


The week that is:

Oh, and look what the nephew came home with...

This is Redux