tradingjournals has been on a roll! come on, give him the credit he deserves. many perfectly timed turning points called here LIVE.
OIL 102.23 2.60 +2.61% Been a while since oil closed above $100, over 2 years!!!! This is good for the bulls because when oil does sell off to around $90-$95 it will be considered a catalyst since gas prices will come down a whole 10 cents on average!!! So the next rally in the markets will be on lower oil prices which I think is coming soon unless the disturbance overseas continues on. If it ends tomorrow oil could easily fall over 10% pushing the markets to an easy 1-2% rally!!!!!!! So get your rally caps on this market should be zooming higher on lower oil....
Your lower oil prices would be higher than what they were say a quarter ago. Is your point something like "things are relative rather than absolute in the game"?
Which gap would close first: the last week down gap, or today up gap? QQQQ at 58.28, and retesting 58.29 high. My models are telling me that the upside for today is limited. May be a correction would allow for a rise later in the day.
Gee, indices are up 2% across the board and your models are telling you the upside from here is limited. LOL. I think you are right. No way will we be up more then say 10% today. Definitely a limit on how high we can go today. My model is saying the same thing.