AI
Friday, August 20, 2010 10:03:33 PM
XLF and OIH is what I normally watch other than OEX, VXO of course. Now they are both sitting on channel, although upward sloping and bearish, they normally fall out on the 6th count (not EW). Now since XLF has a TSB signal, the high probability trade would be on the upside for the market. It would seem irrational with all the negative sentiment and indicators. The next logical OEX target would be 495 (SPX 1089) and that's a 200 Dow point rise. It would be inconveivable at this point to see the gap 1120 to be filled. But next week we have existing home sales and durable goods data, they could also cause them to fall straight out of the channel now.
2bit
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