Morning update:
Big drop in oil and we see a modest equity rebound off lows, although we are still in the red. The Q's are back above 48 and that important 2006 trendline. SPX briefly went below the November low af 1406, but is now trading at 1414. The DOW never quite made it as low as 12724, bouncing off of 12735. It is starting to look like this morning's selling was capitulative, but the day is still young. XLF (financials) is green, after testing the 200 month MA. With both SMH and XLF in the green, there is hope for bulls if the close can hold up.
That CL/QM (oil) sell-off from 100 could be a classic higher high double top ending pattern. That would be welcome news for the markets overall. It sure looks like we will not see 100 for some time. All that hoopla was bound to get sold.
Big drop in oil and we see a modest equity rebound off lows, although we are still in the red. The Q's are back above 48 and that important 2006 trendline. SPX briefly went below the November low af 1406, but is now trading at 1414. The DOW never quite made it as low as 12724, bouncing off of 12735. It is starting to look like this morning's selling was capitulative, but the day is still young. XLF (financials) is green, after testing the 200 month MA. With both SMH and XLF in the green, there is hope for bulls if the close can hold up.
That CL/QM (oil) sell-off from 100 could be a classic higher high double top ending pattern. That would be welcome news for the markets overall. It sure looks like we will not see 100 for some time. All that hoopla was bound to get sold.
This entry was posted
on Monday, January 07, 2008 at 1/07/2008 11:17:00 AM.
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