MM

P's Bull-Bear Tasks

Wednesday, August 26, 2009

S&P 500

I think short term the S&P is slightly overbought. We will not open new positions here. When we get a pullback we will be looking for long positions for another leg higher.
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Oil

Currently oil has been running in a range for some time now. I see a bow tie trying to forum off the daily. I would not get too excited about it until it breaks the range highs and has a nice orderly pull back. Anyway oil might be worth keeping an eye on…

XAU

XAU

Market Pulse 03/06/09

XAU daily suggests a stiff pullback, now what I don’t like about the current bullish action is the drifting in price action. Short term bias is short under March 6 low.


030209

I see a sell signal in the S&P500 as price has violated old lows. Here is a 2 day chart with stocks above or below their 40 pma (Green line). Price is the yellow line and the RS of the 40pma (Red). What I’m looking is the hard right edge. Notice the cross down, this suggests more downward pressure.