Great post on your views. Here is what I see... The TYX touched my top fork tine momentarily yesterday before backing off so the bond yield could start to back off at any time now. I see a pullback to around the 6.075 to 6.1 area. The NYSE as seen at teh bottom of my NYSE TRIN chart at teh MDA site is resting on a support line fromthe lows of 14 Dec, 3 Mar, 27 May and 14 Jun. That line coupled with how the TRIN is now inthe reversal area leads me to believe we are due for a bounce now. The DOW is also near support formed by the last couple lows. HOWEVER, the DOW is still stuck under the descending triangle or wedge depending on how you tilt your head as I point out on my DOW second look chart and since it hasn't been confined quite enough to break out yet IMO, I expect a bounce to around the 10650 - 10700 area then expect it to probably head back down before it breaks out of this formation one way or the other.
Conflicting signal area on sectors, Nothing is lined up perfectly yet so these are open to be blasted and proved wrong but the oil indexes look like they could break soon and my bias seems to be that they will break upwards. NASDAQ though the stronger of the indexes so far, looks like it could drop further before reversing as opposed to the DOW etc. The Chemical index also looks like it could be one of the first sectors to bounce but I didn't have time to check the stocks that make it up etc so this is based on a quick look only.
The Telecoms are the strangest that I am trying ot decipher. I got a sell signal on the index yet the telecom stocks themselves look poised to reverse back up and are showing strength. If I could stay home and trade, I would take a shot in this area since I think some of the telecom stocks look nice here. On P&F, they either reversed, or are sitting on or near supports ( at least the ones I watch).
I tried twice to update the P&F charts on my site but it keeps getting to the last 3 charts and locking up, nullifying the entire transfer so I give up. The other daily charts at both sites are up to date from last night. I might try the P&F one more time before going to work.
To simplify my post, I am looking for a bounce inthe DOW, a drop in the interest rate slightly but then a quick reversal back down in the DOW next week.
Iwill be away again most of the day so I don't planon trading this move unless I miraculously get near a computer that I can trade on later today.
Good Luck,
Lee |
