Wednesday, September 3, 2008
Oil and Gold Lower in Pre-Market Trading
In early Wednesday morning electronic trading oil and gold are lower.
Oil -1.95 at $107.76
Gold -8.60 at $801.90
Stock futures are lower in pre-market trading.
Watch price action at key support levels for a bounce or a break of support and trade accordingly. See Tuesday's post for key support levels on the DJIA, SPX and Nasdaq.
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2 comments:
Dave,
Great calls and analysis as always! Your bearflag idea on SID sure took off today! Was wondering about your thoughts going forward on the big commodity sell off. You were spot on calling it at the beginning. I was taking an Tech. Analysis class from you in Seatle on July 2nd when coal and steel first started to lose it. Now that they have fallen so dramatically for quite awhile , would you suggest to stay w/ the downtrend and only expect small rallies (bearflags)? Could the supply/demand really be that large of a change to account for the huge sell off or do you think there could be more going on here...More hedge funds selling, dollar rising etc.? Curious to hear your thoughts and if you think a bottom could be in anytime soon. (Maybe only time will tell?)
Thanks,
Peggy
PS) I too, heard the guy on the cable weekend show endorsing CF. Seems to me many of them aren't looking at charts. Which is why I think they really need you on there!! You'd blow them all away! And of course I'd be happy because I could hear/see you every week! Look into ok?
Hi Dave,
Do you teach independently or through investools? The blog is terrific - thanks very much.
Steve
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