{"id":7228,"date":"2011-09-15T02:50:07","date_gmt":"2011-09-15T06:50:07","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=7228"},"modified":"2011-09-15T02:50:07","modified_gmt":"2011-09-15T06:50:07","slug":"t2108-update-110914","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/09\/15\/t2108-update-110914\/","title":{"rendered":"T2108 Update – September 14, 2011"},"content":{"rendered":"

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. To learn more about it, see my T2108 Resource Page<\/a>. You can follow real-time T2108 commentary<\/a> on twitter using the #T2108 hashtag.)<\/p>\n

T2108 Status<\/strong>: 30%
\nVIX Status<\/strong>: 35
\nGeneral (Short-term) Trading Call<\/strong>: Hold.<\/p>\n

Commentary<\/strong><\/p>\n

T2108 jumped almost 5 percentage points to close at 30%. The S&P 500 covered a wide range. The index dipped well into negative territory in the morning and then rallied for a gain as high as 2.5% before a strong sell-off reduced the S&P 500’s gain to 1.4%. After three straight days of gains it appears T2108 may yet avoid closing in oversold territory, contrary to my expectations going into this week. If it were not for the weak close, I would be more confident in a strong close for the week.<\/p>\n

Taking a step back from the day-to-day prognostication, I note that the S&P 500 has churned in a wide range for a month. While the index still retains a subtle upward bias with higher highs and lower lows, this pattern of churn suggests to me that it is about time to “stop the presses.” The market will provide no new information until it either breaks above or below this range. <\/p>\n


\n
\"The<\/a>
The S&P 500 has churned in a range for a month<\/figcaption><\/figure>
\n<\/center><\/p>\n

Until this pattern resolves itself by breaking out (or down), the trading call will remain a “hold.” As I have mentioned earlier, a dip back into oversold territory will trigger limited trades given the trading portfolio is already heavily biased to the bullish side. The last bullish additions were plays on the fears in Europe<\/a>: EWG<\/a>, the iShares MSCI Germany Index Fund ETF; and Siemens (SI)<\/a>. These were certainly a day or two early, but trading this week features buyers meeting sellers toe-to-toe. Volume has surged on these and other European stocks. SI’s strong buying volume is the largest since SI bounced from its lows in January. These are encouraging signs that some kind of bottom is finally forming (Click the links to see the charts).<\/p>\n

The bearish hedges from Monday<\/a> are likely going to end the week as complete wastes – another one of those “kind” reminders to stick to the rules!<\/p>\n


\nCharts below are the latest<\/strong> snapshots of T2108 (and the S&P 500)<\/em>
\nRefresh browser if the charts are the same as the last T2108 update.
\n<\/p>\n

Daily T2108 vs the S&P 500<\/strong>
\n\"T2108<\/p>\n

Black line: T2108 (measured on the right); Red line: S&P 500 (for comparative purposes)
\n<\/center><\/p>\n


\nWeekly T2108<\/strong>
\n\"Weekly
\n*All charts created using TeleChart:<\/strong> <\/a>
\n<\/center><\/p>\n

Related links:<\/strong>
\nThe T2108 Resource Page<\/a>
\nExpanded daily chart of T2108 versus the S&P 500<\/a>
\nExpanded weekly chart of T2108 <\/a><\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long shares and calls on SSO; long VXX shares, puts and calls, long EWG and SI<\/p>\n","protected":false},"excerpt":{"rendered":"

(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. To learn more about it, see my T2108 Resource Page. You can follow real-time T2108 commentary on twitter using the #T2108 hashtag.) T2108 Status: 30% VIX Status: 35 General (Short-term) Trading Call: Hold. Commentary T2108 jumped almost 5 percentage points to … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[135,62],"tags":[65,226,1597],"class_list":["post-7228","post","type-post","status-publish","format-standard","hentry","category-stock-market-trading","category-technical-analysis","tag-sp-500","tag-t2108","tag-technical-analysis"],"yoast_head":"\nT2108 Update - September 14, 2011 - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/09\/15\/t2108-update-110914\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T2108 Update - September 14, 2011 - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(T2108 measures the percentage of stocks trading above their respective 40-day moving averages [DMAs]. 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