Posted in Crude Oil, QQQQ, Daily Comment on May 28th, 2008
Crude rebounded today, and the stock indexes tried to sell off for most of the session, but were able to rebound late in the session, after several false starts, and were able to close with a gain. The chart of the Nasdaq/qqqq to the left shows the uptrend as defined by the blue and cyan […]
Posted in Daily Comment on May 27th, 2008
I’ve been taking a long weekend, so will try to get back to posting charts on Wednesday. However, briefly, the indexes rebounded today apparently on lower oil prices. On the last chart I posted I drew a couple of green potential support lines. On Friday the S&P broke through the first of those lines, but […]
Posted in SPY, Daily Comment on May 21st, 2008
Early in the session higher crude oil prices were pressuring the stock indexes. Later in the session the Fed minutes were released and the indexes started dropping with more urgency. It seems the market was worried about the Fed saying they were about done with dropping interest rates. I thought everyone knew that. If that […]
Posted in SPY, QQQQ, Daily Comment on May 20th, 2008
Stock indexes fell right from the open today, but closed well off the lows of the day. It seems the stock indexes lately are making turn-around moves mid to late in the day, thus leaving buying or selling tails. It’s nice when the bulls or bears win a decisive victory and the indexes can close […]
Posted in QQQQ, Daily Comment on May 19th, 2008
This part of the recent stock index rally has not been a smooth ride. Four days ago there was an upthrust and failure to hold recent highs. The following day (three days back) the big up day made it look like that failure was a failure as the market was able to overcome the very […]
