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The Simple Accountant
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Harry Fotopoulos, "the Simple Accountant" is a twenty+ year veteran of corporate accounting and finance, much of it in manufacturing, but also including a stint with a tech startup. Harry manages two separate portfolios, one focused on current income, the other on total return. A... More
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  • Month End Quick Review

    Yesterday was the last trading day of February, and it left me a little uneasy. We had seen a string of distribution days with the market under pressure. Then on Wednesday we had a strong day with a good price advance on decent - if not satisfying - volume. To me this looked like the start of a window dressing move.

    Thursday was the type of reversal day you don't like to see at inflection points. The market opened higher, but was sold off into the afternoon and we ended with broad, but not deep losses.

    Looking at the futures this morning, to me it is presenting a picture of weakness. I am not making too much of it yet, but it definitely has my attention.

    Dollar futures breaking sharply higher this morning:

    (click to enlarge)

    Crude oil futures breaking support at $92

    (click to enlarge)

    Gold futures off again, looking like they may be headed for a new low

    (click to enlarge)

    Dow minis back under 14K

    (click to enlarge)

    Note the "megaphone" pattern developing on the Dow minis. That makes me a little uneasy, as it suggests a topping action with increasing price spread; also note the increased volume of contracts traded within that range. Monday's low of 13,784 on the Dow, or 13,746 on the contract, is important short term support in my view. Let's see what today's trading brings.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Mar 01 8:22 AM | Link | Comment!
  • The NASDAQ 100 In Pictures

    In this weekend's article, I made the comment that while most of the major US equity indices still didn't look too bad, the NASDAQ is a mess.

    Here is a chart of the hugely popular NASDAQ 100 tracking ETF, which is actually in negative territory year to date. Anyone long position opened on the first trading day of 2013 would be under water at this point.

    The market rally that started on New Year's Eve has attracted a good deal of attention, and deservedly so but - largely due to the breakdown in Apple shares - the NDX and its tracker QQQ have been left behind.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: QQQ
    Feb 26 9:04 AM | Link | Comment!
  • The Loonie And The SPX

    In this weekend's article I alluded to the correlation between the Canadian dollar and stocks, and the worrisome breakdown in the former. The loonie has done a pretty good job tracking the SPX, and vice versa. Recently we have seen a significant divergence. Here they are plotted together on a chart:

    (click to enlarge)

    Time will tell if this divergence turns out to portend weakness for the stock market. I will be keeping an eye on it.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: SPY, DIA, QQQ
    Feb 18 4:50 PM | Link | 1 Comment
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