Posted in Daily Comment on Feb 22nd, 2008
Stocks were lower for almost the entire session. Then late in the day CNBC reported that a bond insurer might get bailed out and the stock indexes reversed losses to close well up for the day. It appeared that the market was heading for the lower range of those triangles I pointed out on the […]
Posted in Baltic Dry Index, QQQQ, Daily Comment on Feb 21st, 2008
Stock indexes flipped back over to the downside today. Most indexes are flipping back and forth daily, and winding into a tighter pattern coiling up like a spring. Yesterday I had the S&P etf showing a sideways line and triangle with prices heading into the apex. Today I show the same thing with the Nasdaq […]
Posted in SPY, Daily Comment on Feb 20th, 2008
Stock indexes opened lower, and then turned around to close higher, almost in a mirror image of the previous session. On the chart to the left of the etf of the S&P 500, you can see prices with a sideways trend. I drew a yellow horizontal line and you can see how price bars are […]
Posted in Gold, QQQQ, Daily Comment on Feb 19th, 2008
The gold market was up sharply today. In previous posts I mention the formation of another triangle, as can be seen by the yellow lines. I also mentioned that it looked like momentum was turning down. With my bearish gut feel, due to extreme bullish sentiment, and momentum oscillators looking like they were starting to […]
Posted in Daily Comment on Feb 15th, 2008
The S&P was up a bit after a late session rally. The other indexes were down a bit. My shortest term momentum indicator in the S&P and Nasdaq has turned down in the direction of the main trend. My confirming momentum indicator has flattened but not yet turned down. Also, prices opened and stayed under […]
