Alcoa failed to meet the market's expectations after hours with their earnings and AMD fell short as well. AMD also noted that they'd be looking at cutting up to 10% of their workforce. Not the best way to kick-off the earnings season.
Other than last Tuesday's Bull Run, the Bull's haven't done much the last 4 days. With the SPY slipping in afternoon trade, it'll need to get back above 138 and hold the line there, otherwise, the bear may just creep in. Wall Street may have been a little too premature in declaring the Financial crisis "all-but over", kinda like George W.'s "mission accomplished". In any case, they seem to be trying to put it behind us, over over us.
In other news, I've included some screenshots of my 3C indicator (orange) and it is clearly showing a negative divergence that has started to take hold on the 15-min charts. You'll find: SPY, DIA, IWM and QQQQ all below.
For all you Bulls out there, I've started trading a new "system" for longs and thus far it looks pretty promising. Here are my all of my long trades I purchased last week: RGLD $30.14, JOSB $20.59, SWC $15.19, UEPS $22.48, TDC $20.63, and DNN $6.25.-Thus far, all at a profit.
Monday, April 07, 2008
Stalemate?
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