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TAM's Morning Cup of Jo: May 5, 2011

May 05, 2011 8:24 AM ETSPY, QQQ
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Seeking Alpha Analyst Since 2011

Kevin A. Tuttle is the CEO and Chief Strategist of the Money Management & Capital Services firm Tesseract Asset Management, LLC (TAM). TAM serves as the General Partner of Long/Short Equity & Alternative Investment Hedge Funds and operates a Capital Services division oriented toward small & medium size companies seeking capital. TAM also owns the registered investment advisory firm TAM Portfolios, LLC (TAMP), which offers Mr. Tuttle’s unparalleled Long Only Growth Portfolio (LOGP) Separately Managed Account (SMA). Over the last 2 decades Kevin has become an industry-recognized technician and has distinguished himself with his signature 100-Year Market Theory and corresponding Dow Chart. His unique quantitative and technical approach to managing assets has lead TAM's growth and success since its inception.

Over the last few days I’ve been discussing a light volume retest of the SPX’s recent break, before potentially traveling to the next longer-term resistance of 1,460. Since Monday’s gap-reversal the markets have been consolidating and wilted the SPX to just about the 1,340 breakout (1,342 low yesterday). That being said, its recent action has been quite controlled and created a small bull flag on an hourly chart.
SPX Hourly

Albeit somewhat bullish news, the volume has been increasing as the selling progressions (10% above average yesterday). This is not the type of typical action you would like to see on a retest. What did seem to be positive on the day was the NDX fight it put up throughout; around an hour prior to the close it nearly went positive – a sign of potential strength considering it’s the only sister not being able to make it topside as of yet.
NDX hourly

The markets have entered May a lot more tame than April and are providing more time to ascertain potential opportunities. This can be a blessing as it gives PMs and Individuals opportunities to not only reevaluate potential positions, but it gives them the chance to ascertain all of the equities competing for the same dollars within their portfolios.
Have a GRAND Day and remember…
“It’s not about being perfect; it’s about the strive for perfection!!!”

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