Posted in Daily Comment on May 15th, 2008
Stock indexes regained the ground lost yesterday, with analysts attributing the gain to the earlier drop in oil futures. Oil futures did erase a big gain from the morning, but they were able to rally well off the lows to close almost unchanged. The rally of oil off the lows late in the oil session [...]
Posted in Crude Oil, Daily Comment, QQQQ on May 14th, 2008
Stock indexes bounced off support a few days ago, with a nice upturn in the oversold momentum indicator. The previous chart of the S&P was a near perfect example. Today I show the Nasdaq/QQQQ, which has been a bit stronger, and wasn’t able to quite touch the slower moving average on the recent pullback. Volume [...]
Posted in Currencies, Daily Comment, SPY on May 12th, 2008
My last few updates suggested a retest of the moving averages. Last Friday the S&P, as can be seen in the SPY eft chart on the left, the index fell right to the lower moving average line (the darker blue line) almost to the tick. Today (Monday) the low of the day held right on [...]
Posted in Daily Comment on May 7th, 2008
In my last update on the stock indexes seemed to have come into balance as can be seen in the volume distribution market profile graphic (see previous post). With the market having sluggishly risen on light volume and the rally looking like it was stalling I thought the path of least resistance coming out of [...]
Posted in Crude Oil, Daily Comment, QQQQ on May 5th, 2008
Crude oil made a new all time high today. The chart to the left is the USO crude oil etf. You can see how nicely the price bounced off the uptrending moving average, and how each time the short term momentum (double stochastic) turned up from the oversold level price quickly moved higher. I’ve been [...]
