Seeking Alpha

Gary Tanashian's  Instablog

Gary Tanashian
Send Message
Gary Tanashian is proprietor of and Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium market report 'Notes From the Rabbit Hole' ( Complimentary analysis and commentary is available at the... More
My company:'s Notes From the Rabbit Hole
My blog:
Notes From the Rabbit Hole
  • QQQ Breaking Above Resistance 0 comments
    Aug 3, 2012 10:43 AM | about stocks: QQQ, SPY, DIA

    This 'bullish' summer - and it has been bullish since May - has been the most grinding, annoying and outright volatile bullish phase I can remember. I wrote an article about the 'dumb money' selling in May and have actually at times felt bad about that, because how dumb is it to have just thrown up your hands and said 'enough, I've had it!' in the face of all this noise?

    While on vacation last week, I popped out an abbreviated summary version of NFTRH, which included this view of the broad US market after the grinding rally made its most recent 'higher high'.

    "SPX maintained a higher low on Tuesday [July 24] and is now at another higher high [as of July 28]. It is still on course to the bullish plan and if things stay as they have been, could react lower again within this uptrend. However, if the presidential cycle is indeed in effect, recall that at some point there is an acceleration upward that would break the steady upward grind of the 'higher highs, higher lows' rally we have had thus far. This per the Ned Davis Research graph included in last week's letter (197)."

    Today we have the QQQ trying for a breakout and one wonders if this thing, despite all the bearish fundamentals and sentiment out there, could actually stick to the election year script and begin to accelerate in an election year extravaganza that sees the anti-market, the USD, take a dump per the implications of the previous post.

    Subscribe to NFTRH or
    Subscribe to the free eLetter

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

    Themes: stock market Stocks: QQQ, SPY, DIA
Back To Gary Tanashian's 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

Posts by Themes
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.