mred:
"Slider, you seem like a sharp guy. But comments like this show more than a touch of arrogance"
You must be new.
This is the kinder, gentler Slider. Back in the old days . . .
But we might all have mellowed out a bit.
We used to have a food fight indicator and I think it's showing up a little bit here. No surprise, the energy stocks are, after producing some great gains for the long side, beginning to show mixed signals on short and intermediate term charts.
Some people want to call the tops, or predict the cycles, and they might be right. Others want the larger trend to continue and prove them right for not selling on this most recent pretty substantial dip; they might be proved right.
Whatever the outcome, we are in an area that is consolidating for the moment. In the OIH it's consolidating in the 93-100 area. Only a couple of questions matter: how long will it consolidate and will it break up and out or down and out?
While people begin to throw their serving spoons of jello and (gasp) shepherd's pie across the cafeteria here, shouting "China demand!" and "It's different this time!" and "Cycles!" and "Technical breakdown!" it is always useful to remember that the mysterious right edge of the chart will read a new chapter to us, each day, and not before.
Stay tuned, and watch out for these mashed potatoes, coming your way.
Kb |
