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Summer Rally in progress....may not last long!


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#11 dTraderB

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Posted 05 July 2018 - 09:35 AM

US and CANADA Shale oil & gas production with threats to use the SPR reserves will take energy prices down and no one can stop that decline, as it happened during the previous 4 years, from 2014. US & CANADA has more than enough shale and oil sands to produce another 3 million barrels of crude per day within 2 years. That increased production will put a permanent ceiling on world energy prices and result in intense competition among OPEC and non-OPEC producers for global market share, leading to the break-up of OPEC. 



#12 CLK

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Posted 05 July 2018 - 09:40 AM

I'm for shale but I'm against fracking, pollutes the aquifer.



#13 robo

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Posted 05 July 2018 - 09:40 AM

Still no BEEF! Flat stocks and watching the show.  Long GDXJ...

 

http://stockcharts.c...295&a=604361674



#14 typicalbear

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Posted 05 July 2018 - 10:21 AM

How has this turned into a discussion on OPEC and the supply of oil?  Why is the price of oil being blamed for a failed rally?  BTW, selling from the SPR was already done per the tax cut deal involving ANWR drilling. 



#15 tsharp

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Posted 05 July 2018 - 10:47 AM

FWIW, if this fractal count is correct, the low is in and wave-iii is underway... twt.

 

SP00_240_7.5.18-1.jpg

 

Link to chart:  https://postimg.cc/image/wkwj25r2h/



#16 CLK

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Posted 05 July 2018 - 10:51 AM

I think ewave has a place but not very predictive, too many re-counts.



#17 tsharp

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Posted 05 July 2018 - 11:45 AM

My fractal work is not stand alone... 

 

SP00_240_6.30.18.jpg



#18 dTraderB

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Posted 05 July 2018 - 12:45 PM

That was a strong rally off the lows, the key resistance zone is just ahead SPX 2040/45, ans support at the 50ma SPX 2721



#19 dTraderB

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Posted 05 July 2018 - 02:12 PM

Eager dip-buyers out in full force..... seems to be too easy, this buy-the-dip trade, similar to the dot com rally 18 years ago.



#20 tsharp

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Posted 05 July 2018 - 03:38 PM

FWIW, if this fractal count is correct, the low is in and wave-iii is underway... twt.

 

SP00_240_7.5.18-1.jpg

 

Link to chart:  https://postimg.cc/image/wkwj25r2h/

 

Just more of those damned wave things...

 

SP00_240_7.5.18-3.jpg

 

Link to chart:  https://postimg.cc/image/8mnast22h/