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Strategies & Market Trends : Strictly: Drilling II
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To: Frank Pembleton who started this subject10/9/2002 5:06:51 AM
From: jimsioi   of 36161
 
Gallemore's Trend and Momentum Indicator review.

Important trend line exists right below Crude's low of yesterday. Trend indicator down while just above 50; momentum has just gone negative. Low momentum is this market has been a consistent feature on the recent run to new highs. Amber lights are flashing.

Silver's trend indicator continues down as support breaks and negative momentum builds. While at a reasonable low level the trend indicator can of course stay down for protracted periods. Only recently a trend indicator at this level was sustained while prices faded and additional 20 cents. Would wait till the negative momentum reaches an extreme and comes back toward neutral and the Trend Indicator (TI) turns. Still after all of that out in the future I wouldn't expect much of a rally.

Gold's trend indicator remains headed south and momentum has now gone negative. A close much below yesterday's low will challenge the moving average. 316 next test…. ?? A big positive will certainly be registered here if GOLD can hold and recover even $320 as it'll indicate that the longs are not being moved to sell by weakening prices. Expect the COTs which includes data through this Tuesday will show the commercial reduced net short position. How eager they were to take advantage of weaker prices to cover shorts as measure by the amount of their net short interest decline will be significant.

CRB supported by sugar cocoa and meats is making the deflationary case tough to make.

Check out the charts yourself

chartingyourfutures.com
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