Wednesday, July 16, 2008
Oil is Down Again, Stocks Rally, Rally, Rally
Stocks are bouncing off support today in a significant rally. Oil is down over $4 to 134.15. Coal stocks are lower,
The DJIA and SPX are up almost 2%, the Nasdaq and RUT are up over 2%, and the SOX is up over 3%. We will likely will see a lot of bullish candle patterns at today's close.
CLF is acquiring ANR in a stock plus cash transaction. As a result CLF is down and ANR is up. This is pretty typical in a takeover.
Moving Up: MA, BIDU, GS, GSLR, ANR, DECK, PCLN, SOHU, AMZN RIMM, V, GRMN, MS, STRA, IBM, IPI, MER, LEH, AAPL, NUE, DRYS, UAUA, EXPE, EBAY, MOS, JASO,
Moving Down: CLF, CNX, USO, BTU, FWLT, X, SCHN, AGU, CELG
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3 comments:
is this a counter trend rally or a change in trend to the bullish side?
what would I be looking for to confirm one way or the other ?
anonymous:
i too want to trade to bullish side after today's price action, but
dave often says one day does not make the trend. it is important to know the difference between price fluctuation and change in trend.
anonymous and Ken,
Ken is right, "One day does not a trend make" as Dave puts it. I can't see the future but there in not yet enough technical evidence on the chart to suggest a trend reversal yet. Read Wednesday's night post for more insight.
Dave
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