8/8/08
Nothing to say more. Chart(s) is telling me everything!!
Friday, August 8, 2008
US Dollar biggest jump in 8 years
8/8/2008
Dow has registered another 300 points gain day today as USD is rallying against other major currency pairs. The long term picture of USD is looking bullish. It needs to build higher lows & make higher highs to confirm this historical movement in years. Crude Oil Future is going to test 109-110 mark soon before it could have biggest bounce.
Thursday, August 7, 2008
Bullish Ascending Triangle
8/7/08
Major indexes are unable to breakup thru the ascending bullish triangle pattern yet. So, do not be too bearish unless the uptrend line is broken. XLF is still unable to break above the 22.60 area to bring up market. Be patient and I think the market will go breaking though this strong resistance soon.
Tuesday, August 5, 2008
Surprise Rebound?
8/5/08
All major indexes are rallying huge today as expected FOMC decide no rate adjustment at today meeting. XLF has reached the resistance level. In order to carry over the stream, XLF has to breakup higher. The intermediate bottom is still valid as today market rebound very strong.
Market rebounce ahead rate decision
8/5/08
1250 of S&P indeed is good support with uptrend line. Market got bounce and trade above 1265 as of now. XLF is trading barely below the resistance. XLE got technical oversold rebounce but not to be bullish. However, the day half over and the important FOMC decision is coming soon. Let see how market behave at the close of today.
Monday, August 4, 2008
Bulls Trap?
8/4/08
Recently, I have called market has formed intermediate bottom. However, major markets has performed badly or not bullish enough to carry forward since. Now, S&P is closed in red 3 days in a row and barely touching the uptrend line started from 7/15/08. Unless tomorrow there is a surprise happened after FOMC meeting. The result of FOMC meeting is going to be no surprise, no rate up or down, keep what was going to be same as last meeting. As often, the final market movement mostly would be more predictive after few days of tomorrow. Technically, Bullish percent index, S&P bullish percent index are both showing "sell signal". Therefore, be caution on the way up if tomorrow the market bounce.
Recently, I have called market has formed intermediate bottom. However, major markets has performed badly or not bullish enough to carry forward since. Now, S&P is closed in red 3 days in a row and barely touching the uptrend line started from 7/15/08. Unless tomorrow there is a surprise happened after FOMC meeting. The result of FOMC meeting is going to be no surprise, no rate up or down, keep what was going to be same as last meeting. As often, the final market movement mostly would be more predictive after few days of tomorrow. Technically, Bullish percent index, S&P bullish percent index are both showing "sell signal". Therefore, be caution on the way up if tomorrow the market bounce.
Caution of retest year lows
8/4/08
Energy sector add more pressure on market beside Financial. For the last few months, only sector is relatively strong is Energy which now also in BEAR LAND. Now, I do not see any sectors bullish and help the market rally. So, the 7/15/08 lows of major indexes are going to revisit soon. In fact, the intermediate bottom call may be ended today if S&P close below 1250 mark.
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