5 replies to this topic

[hiker]

note the volume candles on the 3 minute....last 10 bars.

one lower channel on the 60-minute remains below $43...we'll see if it gets there.

I covered short here. probably early

was a swing short from near $49

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weekly chart -

Edited by hiker, 16 January 2007 - 01:48 PM.

[dcengr]

I find it interesting that with oil tanking, techs are not going up.. Maybe the oil to tech rotation is finished?

[hiker]

QQQQ in no real danger till it closes below 5 day sma. today low represents the first test of 20 SMA on the 60 minute since Wed.... so let's see where we close today yes, I am short Q's from higher levels...but not really hoping for much...let the market show its hand here.

Edited by hiker, 16 January 2007 - 02:17 PM.

[Sentient Being]

I heard the Sauds indicated today that there was no need to have an extra meeting to cut production, that the news depressed prices. Gold down, Oil down, commodities taking a hit today.

[securelstmile]

This might sound odd but I think this is tied to the auto show. There was a big emphasis on alternative energy vehicles. The Saudis don't want to see that and the only way to kill the push toward alternative energy is to get oil prices down. Maybe they are too late. Either way, long term it is not in their interest to see higher oil prices if people are incentivized to go toward alternatives.

[no_mind]

I heard the Sauds indicated today that there was no need to have an extra meeting to cut production, that the news depressed prices.

I was reading an opinion over at Between the Hedges that "OPEC has come to the realization, which I have been pointing out for several months, that it needs lower oil prices to try and prevent any further long-term demand destruction and loss of market share. As well, The Guardian is reporting that Iran's President is facing increasing hostility toward his policies. In an unprecedented rebuke, 150 members of the Iranian parliament signed a letter criticizing his recent actions. I am not hearing many talk about this, but it could be another one of the many reasons for the extreme weakness in oil...... If I were substantially behind the major averages this year due to the decline in commodity stocks, I would cut that weighting now and add more growth stock exposure as I think that growth stock outperformance through year-end will be significant."



Best,

Tom

Edited by no_mind, 17 January 2007 - 03:00 AM.