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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (3079)	12/27/2004 3:41:43 PM
From: Walkingshadow	Read Replies (2) of 8752

Very interesting. A marked bearish divergence in QQQQ, in particular the MACD histograms which have been falling steadily for several weeks now. Dow looks a bit stronger technically, but has put in 2 bearish candles in a row now. The $OIX is not really oil prices, but I find it interesting that the index has not dropped significantly, but the price of oil has gone down sharply. The BBs in the $OIX are a bit contracted. They all paint a bearish picture. That may be par for the course: too many people are expecting a year-end rally, and the market tends to do the opposite when sentiment becomes too one-sided. The retail sales figures for xmas were very good this morning. Oil is dropping. Neither caused the market to rally, and if the market cannot rally in response to good news, then the market cannot rally. The charts look bearish. I was expecting a rally into next week, but I can't ignore the above. So I'm short QQQQ here. T

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