Follow up to my Inverse Head and Shoulder in oil, with todays 6% increase in oil price it is looking like last Wednesdays reversal is going to be our low point for the right shoulder, Next we need to see if price can close above the neckline, if it does then 62.00 comes into play after that is my final target of 76.00 to 78.00 ,
Note, this is still early and until we close above the neckline the pattern is not confirmed
Commodities are hot in early Friday trading, only area down is coper, that 6% oil increase is from yesterday, all others are as of 11:30 am est today. I like the continuation we have in oil prices, my preferred trading vehicle for oil is ERX, up 32% YTD vs 19% for oil
Hi All, I am trying to drive some interest in the Stocks & Indexes forum, I know this is mainly a Forex site but Equites and Commodities play a huge part in how our Forex currencies move, when US stocks climb most often so will AUD, Rising oil prices will usually mean a rising CAD, Gold and Silver has a connection to NZD. knowing the current correlation ( and they do change) between currencies and other markets can give you a fundamental edge in your trading. I canât watch all the markets so having more eyes here to spot new correlations and trends is a benefit to us all. Please feel free to add to this thread or start a new one,
Trading can be a team sport
Here is my ETF Strong/Weak rankings for week ending Aug 12th , The top 8 from last week shuffled positions a bit but all stayed in the top eight, XME gave up itâs top spot, the over all market is overbought and looking very toppy here.
Another strong day for oil prices which take us to our first test, 50 day moving average, normally you might expect a little pullback here but the way oil has been moving it may push right on through
Here is the XOP showing the makings of a Head and shoulder bottom, most all of these energy related funds are following oilâs lead and showing similar patterns.
not advice but in my opinion buy gold because teh stocks will crash in a couple of months its already begun
Silver is a better buy up 42% YTD vs. Goldâs 26%, but none of them come close to the GDX Gold Miners ETF up 124% YTD
Utilities have closed the June 3rd gap, XLU has been in a month long pullback but still is up 14% year to date, if todays price can hold this might be a good entry point, Think long term when buying Utilities,
Here is why we donât let short term moves in the market chase us out of good positions, it would had been easy to give up on XLU early in the day and I am sure many did, the smart money bought at this level and gave us a huge engulfing candle on double average volume
Strong weak rankings for my top 22 ETFâs for week ending Aug. 19th,
And find my weekly review of the markets on YouTube at this link
Here is my week ending ranking for my top 22 ETFâs, Strongest from a week ago remain strong
My weekly market review can be found at this link
Here is my YTD rankings for my top 22 ETFâs, August saw some deep pullbacks in some of the strongest sector, these could be bought if market gives us a clue the selling is over
Here is my strong weak rankings for my top 22 ETFâs
Here is my YTD rankings of the Global ETFâs I follow, last time I posted this was in June, so I included that for comparison, Brazil continues to benefit from a positive Olympics
Here is my weekly market reveiw, Markets look ready to make a move
Being long energy is a good place to be right now, here is that inverse H&S I have been watching in the XOP. We have a weekly break of the neckline, if this holds my target price will be 54.00
Strong weak rankings for my top 22 ETFâs, it was an ugly day last Friday but most of the top ETFâs held above their 50 dma. This correction was excepted , I will be watching for reversal signal to do some buying
So is this the reversal or is the market just trying to suck us in before the next selloff, If you buy here it is a coin toss at best
