Big Dog,
Glad to have you back from your trip and posting. That was some extemely pertinent information from Raymond James.
I was doing some chart work to give my version to patron. It seems that the OSX and XOI are in a critical area. A pullback to the 115 area OSX and 505-510 area XOI is possible and I would envision that possibility as a sympathy move along with any market weakness over the next two weeks, which appears to be the time frame of the downtrend line on the OSX. Lots of caveats here, the energy indexes appear to be, as I noted in a post the other day, heading for the start of a major move soon. Again, chartwise the time frame seems to be contained in two weeks outside chance of three. Trouble is, I can't get a good read on the direction of the move, nothing with confidence at this point.
Put a gun to my head and I'd say down, maybe to 115, then up, consolidate, then new highs, time frame summer. I'd be praying I was right however, this is a low confidence read, just the best I have right now.
Some tech indexes and the Naz seem poised for a bounce, though it maybe DCB. Woe to the markets ST if we don't get it.
I see the Aussies are carrying the water for the shorts again with gold, got it below 265 but bounced off of 262. What I got a whiff of off the gold chart. Think I'll reserve judgement for the NY open, still LT bullish.
Best Regards,
Roebear |
