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, QQQQ, Daily Comment 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 […]
Posted in Daily Comment on May 1st, 2008
The dollar continued its advance today, and as expected many commodity markets fell. There seems to be a general unwinding of the commodity trade and with momentum chasers switching back to tech names. Today the stock indexes started the session about where they left off yesterday after the failed rally. My concern with the rally […]
Posted in SPY, Daily Comment on Apr 30th, 2008
The Fed did the expected 1/4 point drop in both the discount rate and fed funds rate. The wording was also basically unchanged from the last meeting. The is a perception that the dollar bashing phase is coming to an end, finally, and that the commodity bubble can finally pop on the rising dollar. The […]
Posted in Daily Comment on Apr 29th, 2008
The main action today was the rally in the dollar on the perceived ending of the interest rate slashing cycle, even if the Fed cuts on Wednesday. Commodities in general got clobbered today on the stronger dollar. With many of the commodity markets being in, or recently having been in bubble territory, it is not […]
