Posted in Daily Comment, QQQQ, SPY 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 Daily Comment, QQQQ 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 [...]
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 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 [...]
Posted in Currencies, Daily Comment, QQQQ, SPY 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 [...]