Cobra wrote:still cannot believe that nobody complains about oil price those days?
cobra, haven't you heard? oil prices are up because the economy is doing well
even better than 2007?
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nice chart. it's amazing that nobody see's a problem with the reason oil prices jumped today - "momentum buying". i also don't get why eem is doing so well.
nice chart. it's amazing that nobody see's a problem with the reason oil prices jumped today - "momentum buying". i also don't get why eem is doing so well.
I think there's a theory called inflation trade: when inflation rises so does everything including the stock market. So basically, QE3, good, because we have free money, no QE3, also good, because we have inflation!
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SEE THAT? THE 5 MIN PROJECTION DOWN WAS THE INITIAL MOVE FROM 133.37 TO 132.26=0.11x 2.618 =0.29 and subtracting from the start of the projection gave 133.08! hit dead nuts!.. and that should be E of the triangle!
Cobra wrote:the problem is still ChiOsc too high, so I kind think the market may continue down from here.
Cobra: I also noticed ChiOsc doesn't respond to sudden drop (spike down) well, I think it's because of ChiOsc its (3, 10) smooth factor
Today's high level could be a delayed reaction to yesterday afternoon's buying.
It's not about smooth. ChiOsc is MACD(3,10,1) on AD line. The AD is basically OBV but depends on how the bar closes. The closer the close to the bar high, the more bullish volume assigned. So, as for today, the sudden drop, yes, but it came with long shadow, so AD assigns the most volume to bulls (which makes sense), therefore you see even the market drops, AD still rises and so ChiOsc. So I think basically ChiOsc correctly reflects what's going on now.
If the market was overbought from the rally off the March bottom, the last 5-7 days of range trade plus today's mini-plunge should have worked a lot of it off. A deeper dip a la the Evil Plan would be healthy, but me thinks resistance to new highs will be wearing down soon. Makes the risk of shorting greater for longer than day trades.
well, guess that's it for today, totally clueless today. Thank you guys, I'll see you tomorrow.
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nice chart. it's amazing that nobody see's a problem with the reason oil prices jumped today - "momentum buying". i also don't get why eem is doing so well.
I think there's a theory called inflation trade: when inflation rises so does everything including the stock market. So basically, QE3, good, because we have free money, no QE3, also good, because we have inflation!
so it's win win win ! everything is great, until one day it won't be