Friday, October 21, 2011

S&P 500 breakout

      Sorry, friends about the late post today.  My internet was down this morning so I could not post as per my usual.  I am really getting pissed off at my poor internet service.  It's has been down at least 6 hours each of the past 4 days.  I call tech support and of course they have no idea what's going on.  My line is a good distance away from the main office so that is why it's always going up and down.  I'm going to call them and ask for a free upgrade and if they don't give it to me, I'm going to get a new ISP.   Anyways, on to the markets...

     Today was a very good and powerful day for the indexes.  I'm calling the breakout on the SNP 500.  This should lead to more follow through buying next week.
 As you can see on the above chart, SPY finally popped above that little red line which had been like a brick wall for over 2 months now.  It is okay to buy stocks here and I will probably do some on Monday.


     Strong earnings from MCD propelled it's shares higher by almost 4% today to an all time closing high.


     MCD had also been consolidating in a range for awhile and has broken above it.  It is okay to buy this breakout on MCD as well.

     My gold trade is working out so far as we had a textbook bounce off trendline support and the long term bull market support level of the 150 day moving average yesterday and more follow through buying today. 

     15.65 is a strong support level and is a good place to buy.

     All in all, not a bad day in the markets.  It looks like we are shaping up to have a nice end of the year rally.  It is time to start buying.

Disclaimer: Nothing in this blog should be construed as a recommendation to buy or sell any securities! Please do your own due dilligence before buying any stocks or bonds!

14 comments:

  1. looking good so far

    ReplyDelete
  2. i'll take your advice i have a friend working on this stuff thanks for the information max

    ReplyDelete
  3. I was about to take your advice and do some buying, but then I read the disclaimer and now I don't know what to do :(

    ReplyDelete
  4. This is great news for me. I'm considering actually looking into buying some stocks for the first time although far away international trading fees may dingle me!

    ReplyDelete
  5. This is probably the dumbest comment you're ever going to get, but...those charts look really complicated.

    I am impressed.

    ReplyDelete
  6. will know. also it looks like needles for some reason :D

    ReplyDelete
  7. Well maybe I'll be buying more stocks but we'll have to see how things are like next week.

    ReplyDelete
  8. it may be interesting so far!! :)

    ReplyDelete
  9. Internet is down? That is indeed some frightening news you got there... Nah, just kidding you.

    ReplyDelete
  10. This comment has been removed by the author.

    ReplyDelete