Wow! Stock markets had four days in a row of sharp action, including three in which opening rallies were sold off hard intraday. Aside from managing still to reward the buy-on-Monday crowd (who were especially encouraged by this week's ChartsEdge and other analysts), the intraday rollercoasters rewarded daytraders with nimble skills and strong stomachs. Today had even more wow power as the dollar rallied strongly (check, since it never violated that low day under the Fib), and the yen, euro, and gold dropped smartly (I'm just 2 out of 3 there and will need to revisit the yen obviously!). Stock indices tested again the Fibonacci and trendline/price resistance levels we and obviously others are watching. Interestingly, the Russell 2000 was today's biggest gainer, but look at the chart below and you'll see it's been lagging so much that it's hard to get very excited about as a swing position right yet.
Bonds increased in yield with prices dropping, so they've proven slippery as we had tagged them downtrending, then uptrending, and each time they gave us the slip. Sorry if you're a bond trader because I'm much more focused on the stock indices, gold, oil, with a few others like natural gas, dollar, euro and yen. Speaking of that, noticed that UNG was moving up but still not exciting with the volumes so I don't want to put out a call on that yet. Traders can try a buy of course but guard against getting stopped and chopped when the buying doesn't show up to make it another rally yet.
We'll have a lot to go over this weekend of course so meantime, enjoy your Friday evening!
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