Posted in Commodities, SPY, Daily Comment on Apr 16th, 2008
The chart to the right is a weekly continuation chart of Rough Rice on the CBT. I don’t trade this market, but it’s just another example of the runaway, parabolic price moves many commodities are experiencing. There are some fundamentals causing part of this price move, but I have to think, like so many commodities, […]
Posted in Market Profile, QQQQ, Daily Comment on Apr 15th, 2008
Stock indexes edged a bit higher today, even with crude oil blasting off to new all time highs and other inflation worries in the news. The chart of the Nasdaq/QQQQ to the left shows a tail left on the candle today. I put a cyan circle around the tail. This implies price rejection as prices […]
Posted in Daily Comment on Apr 14th, 2008
Today the stock indexes extended the range down slightly, but overall the markets held firm after such a large drop on Friday and with sentiment turning very bearish. Volume was very light, as would be expected by the small range. The indexes basically came into balance when it was obvious that the range could not […]
Posted in QQQQ, Daily Comment on Apr 13th, 2008
The stock indexes fell throughout the day on Friday. The news is attributed to the earnings miss by GE, but more important was the less than optimistic outlook going forward. I pointed out the momentum divergence on this blog a few days ago, suggesting some pullback was in order. I also drew some potential support […]
Posted in SPY, QQQQ, Daily Comment on Apr 9th, 2008
Stock indexes fell again today. I didn’t update yesterday as there hasn’t been a change since the post from last Friday. Also, I was trying to get my taxes done. I didn’t want to wait until the last minute this year. So this year I’m getting them in a week early. That’s a slight improvement. […]
