WTIC - daily
If we see 118/119 within the next few weeks we could call it a confirmation that the 140s - with a test of the 2008 high of 147 is coming.
Oh yeah, that's right, rising oil prices, that's got to be a green shoot for this Spring!
Thursday, 22 March 2012
WTIC: baby bull flag, a challenge to $117
Oil is still relentlessly showing considerable strength. Over the last few days we've seen talk of Saudi Arabia ordering 11 super tankers of oil to be sent to the US to bring prices down. Huh? Why would they want or care for lower prices. Its just more nonsense talk.
WTIC - daily
If we see 118/119 within the next few weeks we could call it a confirmation that the 140s - with a test of the 2008 high of 147 is coming.
Oh yeah, that's right, rising oil prices, that's got to be a green shoot for this Spring!
WTIC - daily
If we see 118/119 within the next few weeks we could call it a confirmation that the 140s - with a test of the 2008 high of 147 is coming.
Oh yeah, that's right, rising oil prices, that's got to be a green shoot for this Spring!
NYSE 52wk highs - a warning?
Ohoh, this might be a real problem for the near term continued up trend.
NYSE 52wk highs
I have never highlighted this chart before, on a quiet day like today, it might be offering a warning to the bulls. It looks like we have negative divergence.
The market itself still looks broadly okay for further up moves, but we are certainly seeing a possible warning. We'll only know in a few more days. A move under SP'1390 would be short term confirmation of some kind of new down cycle.
Good wishes for Thursday
NYSE 52wk highs
I have never highlighted this chart before, on a quiet day like today, it might be offering a warning to the bulls. It looks like we have negative divergence.
The market itself still looks broadly okay for further up moves, but we are certainly seeing a possible warning. We'll only know in a few more days. A move under SP'1390 would be short term confirmation of some kind of new down cycle.
Good wishes for Thursday
Whats going on with Japan?
Hmm, I was not planning to highlight Japan of all things this evening, but take a look at this...
Nikkei, daily
The Nikkei is up an almost disturbing 25% since the start of the year. So, err...confirmation of Q4 GDP -2.5% was good news huh? I'm not sure what to think as we are coming up to last summers high. You can see clearly how last July we put in a top, then a lower high, before the dive bomb - along with all world indexes, into early August.
Nikkei - Monthly, a breakout?
.
Japanese stocks are of course still some 65% lower than a few decades ago, but we do have what appears to be a bull flag on the monthly cycle. We'll need April and May to show good follow through to the upside to confirm this.
11k doesn't seem too far away, and would be the first soft confirmation of 'bigger things to come'. 12,000 would be one major wall to break over though. Can we get another 20% across the spring and by late summer? Japan remains one of the indexes I am keeping a close eye on. Further up moves in the Asian indexes would certainly help the bullish case for SP'1550 later this year.
Nikkei, daily
The Nikkei is up an almost disturbing 25% since the start of the year. So, err...confirmation of Q4 GDP -2.5% was good news huh? I'm not sure what to think as we are coming up to last summers high. You can see clearly how last July we put in a top, then a lower high, before the dive bomb - along with all world indexes, into early August.
Nikkei - Monthly, a breakout?
Japanese stocks are of course still some 65% lower than a few decades ago, but we do have what appears to be a bull flag on the monthly cycle. We'll need April and May to show good follow through to the upside to confirm this.
11k doesn't seem too far away, and would be the first soft confirmation of 'bigger things to come'. 12,000 would be one major wall to break over though. Can we get another 20% across the spring and by late summer? Japan remains one of the indexes I am keeping a close eye on. Further up moves in the Asian indexes would certainly help the bullish case for SP'1550 later this year.
Oyasuminasai !
Subscribe to:
Posts (Atom)