Technically, the market looks out of steam. Whether this latest two day fall back is the end of the bear market rally or just a normal “shake out” of weak holders on the way higher is open. Remember I thought the market had exhausted itself back two weeks ago when I saw Rising Wedges in a...
The Principle of History. Knowing one’s history gives us guidelines and a basis to work from. So yesterday I began to compare the last Papa Bear market we lived through, 1973-1974, which encompassed the first really oil crisis, to today’s ongoing bear market and oil shock. I said I was printing...
OIL NOW AT $130! What will be the resolution of today’s high oil prices? The best, first approach in analyzing anything is to look back at any historical parallels we can find. The two oil crises of the 1970’s pop immediately to mind. Thus I just printed out a few online histories, including...
UPDATE ON THE STOCK MARKET . Written, Tuesday, May 20th, 2008: 6:30 a.m. Another one of those turnaround stock market days yesterday. At 2 p.m. things looked great but then stocks reversed downward and by the close there were more stocks down than up on the NYSE , 1479 vs. 1681. While numerous sectors...
TECHNICAL VIEW . Written Wednesday, May 14, 2008: I may have been seeing clouds in the sky when there weren’t any. The near term bearish Rising Wedges in a bunch of market indices I wrote about last Thursday don’t seem to have really followed through. Stock prices did fall back last Friday...
Written Thursday, May 8th, 2008 TECHNICAL VIEW . Rising Wedges Run Out of Steam! We’ve formed Rising Wedge chart patterns in a number of key market averages, most easily seen in the Dow Industrials , the Nasdaq Composite and the S&P 400 Midcap averages. These chart patterns form on diminishing...