not sure the rebound means the low was in. some chances though.
Attachments
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
"A look inside the Dow Jones Industrial Average shows that Chevron (CVX 115.61, -3.31), Goldman Sachs (GS 234.06, -3.50), & Apple (AAPL 223.47, -3.40) are underperforming. Chevron is leading the Dow lower as a slide in crude oil futures following this morning's weekly inventory weighs heavily on the entire energy complex.
Conversely, Boeing (BA 351.96, +5.28) is the best-performing Dow component as industrials display relative strength in today's session."
Yesterday I erroneously mentioned the deadline for China $200B tariff was due, it is actually today it is due, was too drunk and thought we were Thursday already.
If it were to close right here, QQQ would be generating a classic standard daily MACD sell signal-- the fifth such since late May! And none of the prior 4 worked out very well.
Oil Saw Venezuela got another loan from the Chinese. I do think they will end up with the oil fields when all is said and done. Hard to think that with such a really great economy people didn't drive as much this summer. Just wait until the shale drillers go broke. Anyone with long life conventional reserves not subject to appropriation "to end poverty" will be looking good in a couple of years. The trick will be to buy when the specs (hedge funds) panic sell out of oil like they did a couple of years ago.
I have to agree that in spite of my fond memories of trading waterfall drops (actually as Cobra has said difficult and terrifying) Coolbiz is right, this has not been impulsive down.
12 minutes ago-SPX dropped to just 2867.29 low from 2916.50 high -49.21 points, its not impulsive action so far. Unless it becomes impulsive by tomorrow or Monday to the downside, bearish trend will stay on hold. Alt. Bullish may still be active and it was a correction. Price-action rules.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.