***** Technical Analysis (Sept 10)****
The McClellan Oscillator has been positive for a week now, but has not yet turned sharply positive. If Monday or Tuesday sees a good rally on decidedly positive breadth, then the rally could have some legs.
Energy prices came back down after crude oil hit $70 (currently at $64-$65) while gasoline and natural gas have held up better. Energy stocks continue to show long term relative strength.
This market has been resilient despite the expected economic effects of Katrina.
One might wish to be cautious for non-energy companies if this rally runs out of steam within the next week, though.
Dr.Bob's commentaries are not to be construed as recommendations to buy or sell stocks, options, or ETF's as Dr.Bob is not a Registered Investment Advisor. Information and data provided here is believed to be reliable but cannot be guaranteed to be accurate.
Always do your own research and due diligence before investing or trading. Remember that Technical Analysis can change by the day, and as such, one day's TA may not be the next day's TA interpretation.
Dr.Bob's mission is to teach Technical Analysis and demonstrate a structured approach to Market Analysis, for position and swingtrading. There are many other TA structures, strategies and systems.
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