http://bigcharts.mar...&mocktick=1.gif
I had a good look at the oil contracts last nite, we had humongous volume here at the highs the last two days... If SPX is going to a new high, it is going there on what brought it to this point... Notice how much the SPX likes higher oil prices and pulls back on any decline in OIH. So I expect a new high in the SPX to be driven by the Petro group.... Oh and the new leeetle freend...
http://bigcharts.mar...&mocktick=1.gif
And what group(s) will take the SPX to new highs
Started by
SemiBizz
, Jul 02 2007 09:39 AM
2 replies to this topic
#1
SemiBizz
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- Traders-Talk User
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Volume Dynamics Specialist
Posted 02 July 2007 - 09:39 AM
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#2
rkd80
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Member
Posted 02 July 2007 - 02:43 PM
There is no doubt that OIH was/is the leader and it's no surprise that a commodity based index is doing the heavy lifting given how late in the stage we are for this bull market. So when energy sells off, market invariably buckles.
However energy as a leader is not something that can last for a while, it's no wonder that most recessions began with gold/oil leading the market higher.
“be right and sit tight”
#3
skott
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Posted 02 July 2007 - 10:41 PM
yeah, the oil thing can't last forever. when it gets to $150/barrel lighten up positions...... $200 will probably be the crisis top that crushes demand. of course, next 12 months $100 will probably be the limit.
