Author: ColinTwiggs

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Schapiro Questions Role of High-Frequency Traders – WSJ.com

Securities and Exchange Commission Chairman Mary Schapiro said Wednesday she is worried about the role of high-frequency traders in the stock market and hinted at new policies aimed at curbing frenetic market activity.

A large portion of trading in the equities market has little to do with “the fundamentals of the company that’s being traded” and more to do with “the minuscule aberrational price move” that computer-assisted traders with direct connections to the exchange can “jump on” in fractions of a second, Ms. Schapiro said.

Such activity “worries me,” she said in a wide-ranging breakfast meeting with reporters. One solution would be forcing high-frequency traders to pay for the canceled trades that make up more than nine-tenths of their orders, she said. Another possible remedy: requiring such traders to maintain competitive buy and sell orders in the market throughout most of the trading day.

via Schapiro Questions Role of High-Frequency Traders – WSJ.com.

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Concerned Scientists Reply on Global Warming – WSJ.com

Science progresses by testing predictions against real world data obtained from direct observations and rigorous experiments. The stakes in the global-warming debate are much too high to ignore this observational evidence and declare the science settled. Though there are many more scientists who are extremely well qualified and have reached the same conclusions we have, we stress again that science is not a democratic exercise and our conclusions must be based on observational evidence.

The computer-model predictions of alarming global warming have seriously exaggerated the warming by CO2 and have underestimated other causes. Since CO2 is not a pollutant but a substantial benefit to agriculture, and since its warming potential has been greatly exaggerated, it is time for the world to rethink its frenzied pursuit of decarbonization at any cost.

via Concerned Scientists Reply on Global Warming – WSJ.com.

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Australia: ASX 200

The ASX 200 index respected its rising trendline on the weekly chart, indicating continuation of the advance to test 4400. Breakout above 4400 would indicate the start of a primary up-trend, while recovery of 63-day Twiggs Momentum above zero would strengthen the signal.

ASX 200 Index Weekly

* Target calculation: 4400 + ( 4400 – 4000 ) = 4800

Bullish divergence on the daily chart shows medium-term buying pressure signaled by 21-day Twiggs Money Flow. Breakout above 4300 would indicate a test of 4400.

ASX 200 Index

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China & Hong Kong

The Shanghai Composite Index broke out of its descending trend channel, indicating that a bottom is forming. 63-Day Twiggs Momentum, however, remains a long way below zero, indicating weakness. Look for a retracement to test support at 2150.

Shanghai Composite Index


Hong Kong’s Hang Seng Index displays a strong up-trend since breaking resistance at 20,000. Expect retracement to test the new support level, but buying pressure, best illustrated by the strong rise on (medium-term) 21-day Twiggs Money Flow, is likely to prevail.

Hang Seng Index

* Target calculation: 20000 + ( 20000 – 18000 ) = 22000

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Japan & South Korea

Japan’s Nikkei 225 Index broke through resistance at 9000 to offer a weak primary up-trend signal: there is no higher trough on the weekly chart. Recovery of 63-day Twiggs Momentum above zero supports the trend change, but wait for retracement to test the rising trendline.

Nikkei 225 Index

* Target calculation: 9000 + ( 9000 – 8000 ) = 10000

The Seoul Composite Index is stronger, having already completed a higher trough. Target for the primary advance is 2150*. A 13-week Twiggs Money Flow trough that respects the zero line would further strengthen the signal.

Seoul Composite Index

* Target calculation: 1950 + ( 1950 – 1750 ) = 2150

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Canada: TSX 60 and potential breakouts

The TSX 60 index is consolidating in a narrow band between 700 and 715. Upward breakout is likely and would signal a primary up-trend. Recovery of 63-day Twiggs Momentum above zero would strengthen the signal. Target for the initial advance is 790.

TSX 60 Index

* Target calculation: 720 + ( 720 – 650 ) = 790

A screen of stocks with low Momentum but high buying pressure, as indicated by 21-day Twiggs Money Flow, reveals a list of 93 potential breakouts (after filtering out stocks with daily Value/Turnover traded of less than $1 million). Husky Energy [HSE], Crew Energy [CR] and Bank of Nova Scotia [BNS] are three that look interesting.

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India Singapore breakout

India’s Nifty Index broke through resistance at 5400, following breakout from its downward trend channel, to signal the start of a primary up-trend. Recovery of 63-day Twiggs Momentum above zero strengthens the signal.

NSE/S&P Nifty Index

* Target calculation: 5400 + ( 5400 – 4600 ) = 6200

The Sensex Index broke through 18000 to confirm the Nifty signal, following an earlier bullish divergence on 13-week Twiggs Money Flow. Target for the advance is 21000*.

BSE Sensex Index

* Target calculation: 18000 + ( 18000 – 15000 ) = 21000

Singapore Straits Times Index cleared resistance at 2900, signaling a primary up-trend. Recovery of 63-day Twiggs Momentum above zero strengthens the signal. Expect retracement to test the new support level.

Singapore Straits Times Index

* Target calculation: 2900 + ( 2900 – 2600 ) = 3200

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Europe Reaches a Greek Deal – WSJ.com

Greece ended months of uncertainty as it secured a new bailout and debt-restructuring agreement during a marathon negotiating session of euro-zone finance ministers, but the deal leaves unanswered questions about whether Greece will be able to meet the terms of the accord……

Officials said the meeting, which lasted nearly 13 hours, produced a plan that would reduce Greece’s debt to just over 120% of gross domestic product by 2020.

via Europe Reaches a Greek Deal – WSJ.com.

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