Wednesday, February 20, 2008

Today's Markets

First, let's look at the macro environment. Because of the noise in the candlestick charts, here are three line charts. They should the SPYs, QQQQs, and IWMs are still consolidating.

The SPYs have been forming a solid triangle for the last two months.

Although the QQQQs are trending down, notice they too are in a clear channel

And the IWMs are formed a triangle as well, although we can debate where the lower line is.

Daily gyrations are important to watch, but until we break out in a direction the daily news is a bit pointless.