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0.70 by 1 reversal...close plot to reduce noise
Lloyds Banking Group, the financial behemoth formed from the September 2008 “merger” of Lloyds TSB and basket-case Scottish lender HBOS, is a bank that never ceases to surprise me.
Take the bizarre contortions the bank has got itself into over the alleged £1bn plus Bank of Scotland Corporate fraud — something I’ve been following off and on since September 2008.
Since last summer, the matter has been the subject of a full-on criminal investigation, code-named “Operation Hornet”, led by the Economic Crime Unit of Thames Valley Police and the UK’s Serious Organized Crime Agency.
Hundreds of witnesses and suspects have already been interviewed, right up to the highest levels in the former HBOS, as part of what has been described as “the largest fraud investigation in UK history” by one of the police officers involved. http://www.nakedcapitalism.com/2011/03/the-1bn-plus-hbos-fraud-investigation-that-lloyds-keeps-trying-to-brush-under-the-carpet.html
chart is brent crude hourly
$0.30 by 3 reversal..close plot
a one way ticket
price has retracedto $110 area.
tthere is an upward count that is activated...target is $125 area.need a retrace below $10 to negate this
After a major drop early last week, Friday brought a change in direction. The markets bounced sharply. Today, we are seeing further gains, though smaller in the indexes. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $132.88, +0.55 (+0.42%). While the markets are bouncing for the second consecutive day, they are still below the $134.69 pivot 52 week high. As of now, this is called a classic retrace higher. The next few days will be extremely key to whether or not the markets will break out or turn down again. With confirmation to the downside, intelligent traders are starting to look for a secondary move lower. Traders will continue to look for this starting at today's highs at $133.32, as long as the SPY does not take out the $134.69, 52 week high. Should the market take out the highs again, then traders will look for further upside.
This maneuvering is based on technical pivots and the understanding of price pattern and time. By using these methods traders will see exactly when momentum switches and price changes from bullish to bearish or bearish to bullish. To gain more insight, market guidance, swing trades and education join the Research Center. Take a free trial today.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
After putting in a major pivot top last week, the markets fell for two or more consecutive days. After a bounce on Friday and initially today, the markets have started to slowly fall again. Is this a classic retrace over the last two trading days? Is the market going to start to move lower again? It is possible.
There are some major stocks showing weakness today. Amazon.com, Inc. (NASDAQ:AMZN) is dropping sharply, trading at $172.31, -4.93 (-2.78%). In addition, the financial sector has turned to the negative side, leading the markets off their highs. Goldman Sachs Group, Inc. (NYSE:GS) is trading at $164.27, -0.50 (-0.30%) while JPMorgan Chase & Co. (NYSE:JPM) is trading at $46.52, -0.16 (-0.34%).
The next few days will be pivotal in terms of seeing if this retrace back up is just a setup for another move lower. Continue to watch the 52 week highs on the S&P 500. To gain more market guidance, swing trades and education, join the Research Center. Take a free trial today.
Gareth Soloway
Chief Market Strategist
