Big gap yesterday…TO THE UPSIDE. Big gap this morning…TO THE DOWNSIDE. Yippeeee!
OILS/ENERGY moved above resistance (OIH,XLE,XOP). A few names actually into new yearly high ground. OIL PRICES back on the move. USO looks to break out again. Lots of world news doing the trick.
LONGER-TERM SUPPORT continues to hold. Yesterday’s move got price a little farther away from the ledge.
Our thought pricess has not changed yet. While we believe longer-term support continues to hold in the near-term, as we scan 2000 names, 200 sectors and a bunch of countries, not seeing nearly enough bullish patterns that give confidence markets can get going to the upside. If lows continue to hold, we think real upside can happen in time. Of course, if at any time major indices break the lows, get out the big fork.
Haven’t mentioned RUSSIA (RSX) which has been bludgeoned on geopolitical news.
GOLD (GLD) up this morning…close to new yearly highs. GOLD STOCKS continue to labor but may be turning the corner.
Hearing many people say this is the most volatility ever. I guess they did not experience 99-00 which makes these swings look like pikers.
The Mets…9-1…my goodness. Am i dreaming?