Monday, December 8, 2008

Review of non-equity markets

A quick review of some non-equity markets (although I've gotta hand it to Chartsedge, once again the BP chart did a terrific job of pointing the equities markets action for today!):

U.S. Bonds weakened, although I've got to admit that looking just at the volumes on the TLT chart, it doesn't show enough sell volume to mark today as definitively bearish (yet). There are other indications that either this isn't "the top," or a topping pattern may need to set up first before serious declines in prices and increases in bond rates.



The U.S. dollar had a weak day, but hasn't broken trendline support (yet) ...


Gold had a very good day, still needs to break above the 50 dsma (again) as well as the RSI mid-line:


Oil had a very good day especially by the percentages, although it's "just" a bounce up from new swing lows reached on Friday. The positive RSI has been building for a long time. The volumes, indicated in the USO chart, definitely rose at the end of last week and today - very possibly a confirmation that trend reversal may finally be at hand:


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