Can consumer/economic confidence be wooed once again? It will take some doing after Tuesday's soft data:
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Irksome Smugness Dealt a Crushing Blow
Finely Balanced (by Springheel Jack)
That was an ugly bearish engulfing daily candlestick on SPX yesterday, and everyone seems to be bearish today. They may be right, but we aren't out of bullish options yet until we see a conviction break below the 1290 area. At the moment I am seeing this as finely balanced with good technical arguments for a move in either direction. I'll lay out what I see as the highest probability paths in each direction.
I'm showing the bearish engulfing candlestick on SPY below, as for some reason the SPX datafeed is innacurate, and therefore candles and gaps are much less accurate on SPX. I've corresponded with stockcharts about this before and they tell me it is a problem with the main datafeed from S&P and there's nothing they can do. The middle bollinger band held on the close, more or less, and we might bounce directly from here. This is the first bull option and my least favored option as it just seems a long shot on the overall setup:
Splat
Big-Picture Stair-Step Climb for Gold Miners (Paulenoff)
Originally published on MPTrader.com.
