Brother Bum! Let's have some fun with the NAZ! Let's take a different look at it for a change. Let's look at the Bullish Percent Indicator for the NAZ.
stockcharts.com[h,a]daclyiay[pb200!b10!b50!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc5!Ll14!Lj[$spx]]
According to this indicator, provided it can be trustworthy, I'm not betting my life here, nor Mom's, it looks like the psychology of the market met a support level at the 50 day moving average. Hence, the NAZ was due for a little relief today.
I don't see anything in the charts, or indicators, that says a reversal is due here. Tomorrow may change that view, but for now nothing has changed.
The NAZ did close near its high of the day, but it did fall short of the 200 dma. In my opinion, that still indicates weakness. Let's see what tomorrow brings.
stockcharts.com[h,a]daclyiay[pb200!b10!b50!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc5!Ll14!Lj[$spx]]
Nice move by the OSX today! It closed above the 10 day moving average which is very bullish and it made a strong move at that. All indicators are turning up which may indicate a near term trend reversal to the upside.
We may start to get a Middle East premium again, on the OS stocks, as Saudi Arabia wants us out of their country. As you well know, this would have a dramatic impact on the balance of power in that region. This would probably have an impact on oil prices.
Maybe the drums are beating! Time to get serious about the OSX?
stockcharts.com[h,a]daclyiay[pb200!b10!b50!f][vc60][iut!Ub14!Ua12,26,9!Lh14,3!Lc5!Ll14!Lj[$spx]]
dabum |
