OSX looking way overbought to me.
I would fully agree if not for $18 future prices. For the past 2 months, I have looked at the oil futures markets at night expecting the other shoe to drop. I can't begin to express my surprise and shock that oil prices are currently above $16, let alone $18.
If, and it's a huge if, oil stays above $17 over the next few quarters, then the OSX is so cheap right now that it's not even worth looking at over-bought conditions.
at least that's the way I see it tonight....
As for gold, I'm not convinced that this latest move has the strength to remove the heavy overhead resistance. It should be noted that, IMO, anyone not watching the gold market could be missing one of the most important, if not sublime, factors on Wall St.
Michael |
