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 Currencies, SPY, QQQQ, Daily Comment on Apr 27th, 2008
The weekend seems to get away from me, and for some reason I seem to find any excuse to not spend much time on my computer. I updated my commitment of trader files and since have tried to think of other things. But it is Sunday evening and I must try to get some perspective […]
Posted in QQQQ, Daily Comment on Apr 21st, 2008
I haven’t had much to add the last few days so I took a break from updating. Prices have bounced nicely from the uptrending moving averages, and were signalled by an oversold double stochastic and a tail left on the candle. I had concerns about that set-up failing as prices fell below the averages with […]
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 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 […]
