Elliot Waves - Schmelliot Waves ...<VBG>. We're off -
seriously Gary; I'm starting to study this "TA" stuff - what is your analysis of today's action technically speaking, and what if we move up another 2-3% through friday - what then, is your opinion ? thanks.
once again; round #4 .... Presented to us on a Silver Platter (appropo huh "Platter'' ) with the bulk of the major companies having all ready reported - FGI & GIFI are really set up for an earning release short-squeeze pop here...
marc C; my observations on Bollinger Bands were not based upon the OSX index itself, but rather individual stocks that I was trading; during downturns the buying in ''most'' - again not all, but most stocks occurred virtually to the tic upon violation of the lower band. My point, is merely that to me - it looked like the Street was using BB's and not Stochastic's, P & F, RSI, etc. as their entry point technical indicator - fwiw. Basically for me this endorsed that the Street is indeed playing this rolling wave ( Jeff Cooper would love this sector) trading range and that it is a sign of ''nervous'' money imho.
They love the fundamental valuations, realize the upside vastly exceeds the downside, realize the catalyst/spike potential of new OPEC cuts, the power of sector rotation if profits get taken in the overall market - after all; where can you buy cheap here ? papers have moved, Steel a little, Oil stands alone imho... and they do NOT want to miss the move here, but can not carry deadmoney - so it's in & out.... I think that gives the small fish an opportunity and an advantage imho.
Again, I would watch for end of month and end of quarter selloffs as buying/trading opps; untill fundamentals change. Just a repeat of the last few months imho. OSX 45-50 to 60+ over & over again untill we get 3-4 solidly positive API/IEA reports in a row - then we can sustain a leg toward OSX 85ish imho. Crude could easilly go to $14-15 by July 4th imho. I just see virtually no fundamental, or technical indicators of any new lows - none.
time will tell; still like PGO VTS here, CXIPY as well - last call ! - ?
Funny thing; I feel uncomfortable buying on up ticks - stocks starting to look expensive here <VBG>...
PS - Go Platter - keep the Oil Prices posted ! |
