36 replies to this topic

[SemiBizz]

Normal, don't get fooled by the fast market rally off the low... There's nothing driving it.

[fib_1618]

Normal, don't get fooled by the fast market rally off the low...

There's nothing driving it.

Agreed...breadth remains weak...volume tepid.

Probably evening up before the long holiday weekend.

Fib

[SemiBizz]

Oil Stocks up Dramatically... $XOI up 22 pts here, 3 pts off the high 1388. There's still more room for mark up here in the upper trading range.

[SemiBizz]

BTW, that XAU hated 113 yesterday... that was some PRICE REJECTION...


http://stockcharts.com/c-sc/sc?s=$XAU&p=D&yr=0&mn=1&dy=0&i=t19424757369&r=1377704990189$.png

Edited by SemiBizz, 28 August 2013 - 10:50 AM.

[fib_1618]

BTW, that XAU hated 113 yesterday... that was some PRICE REJECTION...

From last weekend's Weekly Breadth Data update:

"The price of gold continued to move higher in the spot market as it settled the week just below its second fan formation declining tops line. With the Precious Metals and XAU advance/decline lines still finding it a challenge to move to higher highs with this rally, a week or so of back and fill will probably be seen now before we'll see any real opportunity of a successful breakout above this same line of negative influence, no less, seeing the price action of the XAU index build on its recent upside breakout".

More on the precious metals can be found here.

Fib

[SemiBizz]

Speaking of gold .... man.



http://stockcharts.com/c-sc/sc?s=GS&p=D&yr=0&mn=1&dy=0&i=t45267348169&r=1377706197685$.png

[fib_1618]

Speaking of gold .... man.



http://stockcharts.com/c-sc/sc?s=GS&p=D&yr=0&mn=1&dy=0&i=t45267348169&r=1377706197685$.png

Might be a hammer stick in the making?

Fib

[Data]

Rosh Hashanah Jewish holiday for markets starts effectively at the close Friday and runs for two week. The old buy or sell on the Jewish holiday Rosh Hashanah and do the reverse on Yom Kippur will take effect much earlier than usual.

[SemiBizz]

Present Volume Momentum favors another test of 149.50. Volume can lighten up going into the holiday... The strong volume in this particular time frame is a little bit of a red flag though.

[SemiBizz]

Oil Stocks up Dramatically...

$XOI up 22 pts here, 3 pts off the high 1388.

There's still more room for mark up here in the upper trading range.

1390 - 20 more points upside left in this trading range to 1410.

Watch out for an 8 year Gann Return Smackdown(post-Katrina 2005) though in crude oil...