Seeking Alpha

InTheMoneyStocks'  Instablog

InTheMoneyStocks
Send Message
InTheMoneyStocks.com is a proprietary research, consulting and investment alerts company focused on guiding investors, swing traders and day traders to financial success. Their PPT Methodology is a proprietary blend of price, pattern and time discoveries that has helped produce 216.37% net... More
My company:
InTheMoneyStocks.com
My blog:
Rant & Rave - Pro Traders Blog
  • Stocks Collapse: Key Levels, Targets & Proprietary Analysis 0 comments
    Apr 17, 2013 12:58 PM | about stocks: SPY

    The markets are reversing more than 100% of the bounce up yesterday. Yesterday was a bounce day following the biggest drop in the markets in five months. Technically speaking, this market is in trouble. Anytime the up day, sandwiched between two down days is just a retrace bounce, it is not good. In addition, the bounce yesterday had very light volume while both the fall on Monday and today has had heavy volume. This means institutions are dumping. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is trading at $154.91, -2.51 (-1.59%).

    The big break down in the technology sector came on the back of Apple Inc. (NASDAQ:AAPL) which is trading at $402.32, -23.92 (-5.61%). The stock has just taken out the $419.00 level. This will send it to $395.00 and then eventually to $355.00. The $355.00 level will be a mega low support level and can be played as a mid term swing long.

    Gold and silver miners continue to drop even though gold is bouncing slightly today. The sell pressure in this market is just too strong for the miners. The SPDR Gold Trust (NYSEMKT:ETF) (NYSEARCA:GLD) is trading at $134.08, +1.28 (0.96%) while stocks like Newmont Mining Corp (NYSE:NEM) are trading at $33.29, -0.49 (-1.45%). While extremely oversold, the miners will need a flat to positive gold price and stock market to get a technical bounce.

    Stocks across the board are taking a beating today. Proprietary signals of confirmation classify the April 11th, 2013 high as a significant near term top in the market.

    Gareth Soloway
    InTheMoneyStocks.com

    (click to enlarge)

    Stocks: SPY
Back To InTheMoneyStocks' 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

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.