They have dropped a ton on high volume (exhustion)..and are sitting at support. My williams %r indicator shows over sold and creeping back up. i am in.
You must have been the sucker I shorted to. Just kidding....be careful, it could be a dead cat bounce.
haha..thanks. I call a "dead cat" something else.... dead cat is when something drops to almost zero (like a biotech firm that didnt get FDA approval or something) and goes from .15 to .1.50 temporarily. I would call my play more of stalling on support....sure wnough...OIH just made a new intraday high. well see if it holds.
My system gave the Buy signal at yesterday's open. A very rocky start. GLD looking like it will issue a Buy for Monday's open. --jeff
I can not recall where I have seen three straight day drops for the GOX. The last two days were big moves down too, but today pressure appears to be lightening a bit.
Suppose to get a bit colder here in the northeast, oil should be trading higher by the end of next week. OIH could trade back to 133-135 range.
XLE also has a doji formation as well. For the bounces i am also looking to China... LFC was an old favorite of mine that i sold long ago. i have it on the watch list again.
Blew thru the early November low at 129.91, but came back up into the previous day's range. Overshot 61.8% fib ratio. All MA's are moving down hard. Oversold means nothing in a BEAR trend. Can stay oversold for quite some time. Keep your sell-stops tight.
mmm hmmm.... nice bounce happening in FXI... looking forward to going long again after taking some tasty profits!
I don't know, but for some reason it looks like oil is going to gap up to the $58.00 level on Monday and then get smacked back down. Charts are so bearish looking on the longer terms (daily,weekly). I'm looking at $52.00 as a more likely bottom to this move and then a range between $52 and $58 for a while. $52 is also a pretty big pivot point from the beginning of 2005.