US Stocks Indices
Big drop today on the IND and is now sitting close to the 12,500 area. It could probably find short term support there.
The SPX and COMPQ look similar to this, but the Russel is in much worse shape. will it go to the $680 level? Yeks…
Sector Highlights
The Homebuilders (XHB) looks stretched and is now again under the lower channel band…. Will likely go for a quick bounce from there.
Semis - Look at this monthly chart for the Semis - is the selling slowing down close to previous monthly support areas?
The monthly chart of the Financials ETF (XLF) are shows that is’ getting close to the 2005 low (April) and volume seems to be slowing down? Will it find temporary support there?
Gold and Oil
Gold well on it’s way to $900 or $1000. I sold my position on Barrick today for a nice profit and will get back once “if” consolidates again.
And this in case you missed my previous posts on Gold, here’s the monthly chart showing the upper channel… I’ve never been too goo with Math but the upper channel could just go up to the $1000 level…
Some of the gold players:
Barrick 30 minutes chart — that huge volume is either profit taking or accumulation? What’s your take?
Crude catching it’s breath before surpassing the psychological $100.
Foreign Markets
Looking at the weekly chart for the TSX it looks like it held much better. Will it break that trend line?
The Chinese stock market is doing fine since early 2008. It bounced from the 5,000 level.
Currencies
Canadian dollar looks weak to me.
Australian looks strong — just did a Failure to Drop (FTD)… I know, I know, these charts are uglly, you almost don’t feel like trading them….
1 Comments until now.
[...] Both going very strong with the crude at the perfect $100 point…I pointed the possibility in this post (Jan 8, 2008).. [...]
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