Sunday, January 14, 2007 10:19:01 PM
Maybe it is the work of T. Sec. Paulson. Which deficits are you referring to, Trade deficit?
Gold bounce seems to be technical as to $USD.
Which TA are you referring to, indicators? Using Excel for TA would be out-dated, as far as I am concerned. You said that you are not familiar with ADV VB and Macro as I, now, recall?
You can get simple programmable trading platforms to do TA and backrests. For example, Metastock has its own programmable language which you can do hundreds backtestable trading strategies.
These are my market comments.
Have a nice weekend
QQQQ traded above 45 breakout support and NASDAQ above 2475; therefore, the breakout is valid unless it is proven otherwise. For VST, however, as we can see on the weekly charts, QQQQ/NASDAQ closed at weekly upper "Price Channel" resistances which are strong, major resistances.
SPX closed with new high 1430.73 (12/15 1427.09) at the 1.5mo trading range top resistance which is 1438 which I commented on Dec 15, 06. I noted that 1430 +/- is the May breakout target.
DOW closed with new high 12556.08 (12600 +/-) which is close to relative breakout targets for SPX.
We have shortened Option Expiration during next week since Monday is holiday. Normally, I would be anticipating a moderate consolidation at the aforementioned major resistances; however, because of the significant bullish sentiment, I am expecting the week to be "Continuation of Breakout" unless proven otherwise. If market decides to consolidate during the week, I will make a note of it.
Jan 16-19 OE Week to be "confirmation" week during which it will be either confirming or failing the breakout.
We have major earning reports during next week, INTC 1/16, AAPL & IBM 1/17 and MOT 1/19, which the reports will gyrate major markets and will provide volatility for individual stocks.
As shown on the QQQQ daily chart, Qs closed at the daily/weekly resistance after breaking out of the 44.86 resistance. As noted above, major markets and indexes are closed at major resistance, thus, we need to validate the breakout during the shortened OE week.
As noted before, OIL traded to $55 during Nov06 OE week, then bounced to $65 resistance. From the $65 resistance, it reversed to downside, then it broke $55 support.
Oil Feb07 continuous contract price action shows that, After it is breaking $55 support, it traded to and bounced off from 50% retracement of Dec01-Jul06 rally near 52.50. If it breaks $50, it will trade to $45 which is a next support with $40 as a VLT support. On monthly chart, it is still showing strong downtrend below 50mma.
XLE bounced off from a support at 53.85 traded to 200dma resistance and closed above 50 weekly ma. While it will likely bounce from daily oversold condition, its weekly price action suggest that it will likely make lower high, then will find a next support near $50.
$USD has bounced off from LT support 82.31 1991 with LT symmetrical triangle formation. As shown on daily chart, it broke above 3mo DTL near to Nov2006 R and Jan2005-Oct2006 TL break back-test resistances. The recent bounce is technical bounce as we can see on weekly chart that it shows positive divergences as an important support. In addition, the recent $Eco numbers were healthy which helped Bond rates to trade moderately higher as did $USD. It will likely bounce to Nov06 DTL R near 85.50. With a DTL break of 85.50 +/-, it will retrace to 87 triple top.
http://www.trend-signals.com/index.htm
http://www.trend-signals.com/Chart/USD.htm
Gold bounce seems to be technical as to $USD.
Which TA are you referring to, indicators? Using Excel for TA would be out-dated, as far as I am concerned. You said that you are not familiar with ADV VB and Macro as I, now, recall?
You can get simple programmable trading platforms to do TA and backrests. For example, Metastock has its own programmable language which you can do hundreds backtestable trading strategies.
These are my market comments.
Have a nice weekend
QQQQ traded above 45 breakout support and NASDAQ above 2475; therefore, the breakout is valid unless it is proven otherwise. For VST, however, as we can see on the weekly charts, QQQQ/NASDAQ closed at weekly upper "Price Channel" resistances which are strong, major resistances.
SPX closed with new high 1430.73 (12/15 1427.09) at the 1.5mo trading range top resistance which is 1438 which I commented on Dec 15, 06. I noted that 1430 +/- is the May breakout target.
DOW closed with new high 12556.08 (12600 +/-) which is close to relative breakout targets for SPX.
We have shortened Option Expiration during next week since Monday is holiday. Normally, I would be anticipating a moderate consolidation at the aforementioned major resistances; however, because of the significant bullish sentiment, I am expecting the week to be "Continuation of Breakout" unless proven otherwise. If market decides to consolidate during the week, I will make a note of it.
Jan 16-19 OE Week to be "confirmation" week during which it will be either confirming or failing the breakout.
We have major earning reports during next week, INTC 1/16, AAPL & IBM 1/17 and MOT 1/19, which the reports will gyrate major markets and will provide volatility for individual stocks.
As shown on the QQQQ daily chart, Qs closed at the daily/weekly resistance after breaking out of the 44.86 resistance. As noted above, major markets and indexes are closed at major resistance, thus, we need to validate the breakout during the shortened OE week.
As noted before, OIL traded to $55 during Nov06 OE week, then bounced to $65 resistance. From the $65 resistance, it reversed to downside, then it broke $55 support.
Oil Feb07 continuous contract price action shows that, After it is breaking $55 support, it traded to and bounced off from 50% retracement of Dec01-Jul06 rally near 52.50. If it breaks $50, it will trade to $45 which is a next support with $40 as a VLT support. On monthly chart, it is still showing strong downtrend below 50mma.
XLE bounced off from a support at 53.85 traded to 200dma resistance and closed above 50 weekly ma. While it will likely bounce from daily oversold condition, its weekly price action suggest that it will likely make lower high, then will find a next support near $50.
$USD has bounced off from LT support 82.31 1991 with LT symmetrical triangle formation. As shown on daily chart, it broke above 3mo DTL near to Nov2006 R and Jan2005-Oct2006 TL break back-test resistances. The recent bounce is technical bounce as we can see on weekly chart that it shows positive divergences as an important support. In addition, the recent $Eco numbers were healthy which helped Bond rates to trade moderately higher as did $USD. It will likely bounce to Nov06 DTL R near 85.50. With a DTL break of 85.50 +/-, it will retrace to 87 triple top.
http://www.trend-signals.com/index.htm
http://www.trend-signals.com/Chart/USD.htm
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