So finally wave 3 shows its face. Dow Jones Industrial Average (DJIA) convincingly crossed its March 2008 low with two market blowing drop (more than 400 points in 2 days). Another confirming sign we have last week was the synchronous move of DJIA and DJTA (transportation average). So last week was a good shorting opportunity [...]
Last week market breadth was negative throughout, which retraced almost 100% of wave 2 in DJIA and more than 61.8% in S&P 500. QQQQ (Nasdaq comp. ETF) remained lagging behind the other indexes but it was negative throughout last week. There was of course a lot of talk about crude oil price again this week [...]
Crude oil price still has not let up yet. After topping US$139/barrel last week, it seems to be forming some sort of a triangle (see www.nymex.com 15-min chart for this week) form this week and ended around $135. This to me sounds like it will go up next week and we all know how the [...]
Boy, the week past by me so fast. To be honest, by Thursday afternoon, I was ready to start thinking about US market to make another push before wave 3 really starts because QQQQ (Nasdaq comp. ETF) passed its May 19 high in the intraday trading. Then came the price bomb through the spiking oil [...]
The rally continued for the whole week as crude oil price settled down between $120 – $130/barrel. As far as the technical analysis goes, this week price movement has not broken or confirmed whether wave 2 is over or wave 3 has begun. Fundamentally, the earning reports for the first quarter are coming to an [...]