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WALL STREET CRAPS STOCK MARKET STRATEGY – MAY 8, 2016

May 8th, 2016 Comments off

craps front coverSTOCK MARKET STRATEGY FOR MAY 8, 2016: The stock market reached oversold breadth conditions on Thursday’s close. The early down move on Friday presented an opportunity to enter the market for a possible ride back to challenge the previous highs. The market’s character for the past several years is to form V-shaped bottoms on corrections so don’t be surprised if it goes straight up from here. Traders – look for any weakness on Monday as one more chance to buy this market for a short-term rally.

Key underlying short-term market indicators show the following:

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THE BOTTOM LINE: The stock market may go up from here based on oversold breadth indicators. This will probably be the last rally in this market and be the proverbial “Sell in May” high for the intermediate term. The best place to be on final rallies is usually the Dow Jones Industrial Average (DIA). And as legendary market analyst, Joseph Granville, used to point out, “The last rally is usually lead by the oils.”

Put/Call Ratio Market Timing For May 7, 2016

May 7th, 2016 Comments off

Put Call Ratio May 7This reliable intermediate-term indicator suggests that an important sell signal has just been triggered for the general market. While tops tend to be broader and trickier than bottoms, it still implies that this is not a good time to be long equities or to initiate new purchases. But with breadth indicators at oversold readings on Friday, we could have one small rally from here before resuming a further decline. The buy signal (red B on the chart) is projected to be around July-August based on an equal time interval. (Source: www.optionstrategist.com)