TB:" That makes it zero for a bunch today..."
...but not for you !
Well, let's look at the OEX-100 and see what's what, Berney.
It was a lousy day on the face of it; why people would rush out to sell banks/brokers/insur. every time there is some "newsblurb" that the Fed might raise rates boggles my brain, but that's what they're saying is the cause behind this effect; bullshit but, most people feel better having the illusion that everyone else is acting rationally (not like themselves, mind) and to say that, "prices went down because sentiment = supply was greater than demand today" doesn't answer, " why ?"
( as if understanding was necessary to make money ;-)
Every day, a new reason. I once thought about recording the "raison du jour" every day, putting this list next to a chart of the S&P to see if it made any sense whatsoever (in retrospect) but, personally I don't think that the Market is so simplistic as a regression equation based on news: else no T/A indicator could portend a reversal without reason a priori.
The OEX closed weak but, not so bad that we could say, "the sentiment to buy stocks rather than sell them at OEX 670 +/-5 is no longer valid".
In plain terms, Dude - it felt to me like the bullz were putting up an equal effort to the bearz; indeed, summing together THURSDAY + FRIDAY candlesticks reveals a gigantic doji centered on ~675... dead heat on a Merry-Go-Round: "That makes it zero for a bunch today".
The good news for us Turtle traders is this:
(1) the PNX.X - Phone Index bounced off of the magic line drawn from CLOSE 20-JAN through CLOSE 13-MAY; stopping at the PNX.X 18d EMA today at ~507; heading up to pay-dirt resistance area 510~520. For the week, PNX.X is one big, giant doji.
(2) bellwether T - AT&T ...we're up a bone, daddy !
-Steve (^_^) |
