Joshua Hayes'  Instablog

Joshua Hayes
Send Message
Joshua "MauiTrader" Hayes is CEO, President and founder of Big Wave Trading Inc., a Maui, Hawaii-based stock market advisory service. Hayes is a well-respected stock trader who combines fundamentals, technicals, psychology and money management to trade professionally for his personal,... More
My company:
Big Wave Trading
My blog:
Big Wave Trading
  • GOOG Soars Past $800 Stocks Lift To New Highs On Light Trade 0 comments
    Feb 20, 2013 4:30 AM | about stocks: XHB, IWM, QQQ, SPY, DIA, WMT

    The market is able to shrug off a dip in homebuilder sentiment and move into new highs on the year. Small caps continue to lift despite ultra light volume in the IWM tracking ETF. Volume on the day was below Friday's option inflated volume. NYSE composite came in second adding 73 basis points boosted by Oil and Gas sector followed by Utilities. High gas prices and higher payroll taxes appear, for now have yet to cause any impacts to consumer spending despite WMT internal memo leaked on Friday. Our uptrend remains and we are going to continue to stick to it until we see evidence to suggest we are going switch gears.

    Volatility continues to be compressed as this market continues to push to the upside. Fears of any shock in the market have subsided as we have yet to see any major hurdles arise. We have our exit strategy in place so we do not fear any move to the downside. However, it is interesting to see how much volatility has compressed since this market has pushed higher. There isn't any fear out there. Whether that translates to further upside or not remains to be seen. We have our uptrend and are operating as such. Until we see distribution piling up and leading stocks breaking down then we'll switch gears.

    Tomorrow we'll get the FOMC meeting minutes. The central bank has its work cut out for it trying to navigate the QE waters. Ben Bernanke has committed to an accommodative monetary policy for the United States. The Fed has pumped trillions of dollars into the market and trying to exit this strategy will be extraordinary difficult. How do you remove an addict from its preferred drug without causing the maximum pain? Perhaps we should accept the pain as temporary? Very interesting to see how this all plays out. For us Trend Followers price action will dictate how we react.

    Distribution remains elusive and with the market continuing to make new highs without any institutional selling is not a recipe to sell. We'll let the market come to us rather than predicting where it will go next.

    Short-term Trends

    SPYUPTRENDNO CHANGE2/19/2013153.250.75%
    IWMUPTRENDNO CHANGE2/19/201392.550.88%
    QQQUPTRENDNO CHANGE2/19/201368.240.72%
    USODOWNTREND NO CHANGE2/19/201334.960.69%
    UNGDOWNTREND NO CHANGE2/19/201318.302.92%
    GLDDOWNTREND NO CHANGE2/19/2013155.33-0.28%
    SLVDOWNTREND NO CHANGE2/19/201328.44-1.35%
    DBCUPTREND NO CHANGE2/19/201328.24-0.39%
    FXYDOWNTREND NO CHANGE2/19/2013104.77-0.02%
    FXEDOWNTREND NO CHANGE2/19/2013132.810.19%
    TLTDOWNTREND NO CHANGE2/19/2013116.5-0.50%

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

    Stocks: XHB, IWM, QQQ, SPY, DIA, WMT
Back To Joshua Hayes' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.