Is this a broken chart? Not until it closes below $90. There is a fakeout in June which then lead to the breakdown, but long term it could be in this range for a very long time. I could see a V-formation right back over $110 in the next couple months.
Under $14 this was really a no-brainer sell. The July breakout/fakeout was ominous, much prefer charts that haven't already disappointed.
An interesting h&s bottom on Blackberry. Unfortunately too much supply overhead in the teens. Should be more volume. Pass on this one.
The monthly chart actually looks more interesting. Close over $10 would be bullish. Symmetry dictates it bounce up to $16-$17 on news.
Looks like oil might bounce off loooong trend line. The trend line is at $80, so that's the line in the sand. If Saudi Arabia can't drive it lower - and do they really want to? - shale in the US should be safe (overseas might be a different matter). Wouldn't it make sense that the US has been releasing from SPR? From breakpointtrades.com
couple of interesting geopolitical views that might support lower crude prices...one article is 2 yrs old, but still seems relevant... http://finance.yahoo.com/news/oil-price-fall-more-just-093534986.html;_ylt=AwrTWf1k7UVULy0AHpuTmYlQ http://www.businessinsider.com/barton-biggs-saudi-arabia-bankrupt-iraq-iran-2012-5
Shame that Yahoo got rid of log charts. Now only stockcharts has log (fniviz has arithmetic). Log charts are the only ones that make sense.
Interesting that Russia hasn't broken to new lows despite huge volume. I've heard Jim Rogers say that Russia has two huge advantages, convertible currency (unlike India and China and Brazil) and low debt (unlike pretty much everyone). Plus it has the advantage of farmland that hasn't been depleted yet.
The Fly over at ibankcoin has this to say: "All of the stories you’ve ever read about in the journal of men who’ve made fortunes in the market revolve around a singular trend: buying stuff no one else wants for pennies on the dollar, then selling it later on when everyone wants it for absurd premiums." That might be true in a 2008 scenario, but not today. In this market you want to ride momentum. The first comment: "The Fly is god." Is that the same Fly who is negative this year and getting beaten by the market? I've come to the conclusion that for many people, "trading" means "fighting the trend."