Tuesday, February 11, 2014

Market Still in the Phantom Zone -- 3 charts

Superman fans among us (the older ones anyway, harumph-harumph) will remember the Phantom Zone as a place where things were exiled and remained essentially unchanged until they exited the Zone.  I believe the S&P 500 is in the Phantom Zone right now.

Here are some charts of the S&P 500 that I'm watching ...
(Updated chart)

The S&P 500 has recovered nicely from its recent sell-off. But it's still not in the clear. It has to regain -- and hold -- the 50-day moving average.

Here is a longer-term chart for perspective ...
(Updated chart)

Finally, remember that market pullbacks are essentially politically driven over the past four years, and there is another potential debt-ceiling battle coming up in a couple weeks.

(Updated chart)

By the way, new Fed Chairwoman Janet Yellen speaks to Congress today, and it turns out she's not a giant pinata stuffed with money.  Wall Street, stick in hand and blindfold at ready, is pretending not to be disappointed.

Good luck and good trades today.

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