Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (48705)	11/8/2012 1:54:59 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69835

SP500 broke through the old high from earlier in the year which was the break out point for the rally in August. The break down was on hig volume, but it is hard to tell if this is really a longer terms change in sentiment or a knee jerk reaction to the election. Same comment on the DOW. DOW transpoirts confirmed a lower high today, so this index is signalling further weakness. COMPQ just broke the 200 SMA. This will trigger further selling from the large mutual funds as the break usually signals a long term trend change. The trend of buying in the fall and selling in spring for technology stock will not work this year as the forward guidance is very weak and a lot of companies are cutting cap ex in a quarter that is usually strong as companies spend year end money. Sell signal confrimed on the financial sector today on high volume. Oil sector by my system has already triggered a sell signal,but the index is closing in on the 200 day SMA. A break of that average will trigger more concentrated selling. Counter rally losing momentum. As stated before a long term trend change is underway to the downside. Natrual gas holding static for the tme being. The price should remain in a tight range unless the E&P compnaies start to break the self imposed production cap. Obviously some companies have no choice as their licenses have drill it or lose it clauses.