- still on track to go lower
SPY 30"
- more bullish than daily chart
- can be good if support holds
DJIA
- right between strong support and resistance
XLF
- like SPX, its still in the downtrend channel
- needs to break upside resistance to be a good candidate to go long
USO
- bearish divergence vs. market
- new lows
VIX
- pulled back at a weird level
- inside candle doesn't change the chart much...should still move higher, atleast til first major resistance
A/D
- pretty bullish volume...advance to decline issues not quite so bullish
Analysis: overall there was much intraday strength...only times i felt confident holding a put was in the morning of the pullback and during the lunchtime drop...definitely most candles and volume seemed to come when issues were advancing...just off of feel, i felt that today was more significant than yesterday...but pulling back a bit and looking at the daily chart, i see that today looks very much like an oversold bounce...i did some history research and realized that during this year, the biggest moves (5+%) almost always is followed by a countertrend move...but when all is said and done, the big move dictated the future direction more often than the countertrend move...therefore, based on that and the inability to finish solidly above the 5ma, i remain bearish and would jump on a put tomorrow as long as we don't gap up or rally huge in the morning
ETFs:
best - gdx, rkh, xlf, kol, fxi
worst - uga, uso, ung, dba, uup
- overall, we still keep getting the same results...financials lead down and financials lead up...oil continues to lag which should be a very bearish signal that not everything is ok with the world economy...oveall, etfs are giving me very little signals...but i guess it would be good to note that financials moving this rally makes for a believable move unlike if it were to lag...
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