Thursday, July 23, 2009

7/23 - Market Says

Listen to the Bicep


SPX - bullish


SPY - bullish


COMPQ - bullish but volume worries me


RKH - resistance but bullish til proven otherwise


USO - how much higher will it go?


UNG - got stopped on big volume today


DBC - higher than 30ema here too


UUP - support holds


VIX - resistance at the breakdown level...


ETFs - materials and financials lead...bullish


HEAT - bullish


ISEE - no divegence...bullish


Analysis: everything stays bullish...got the first sign of a possible top from UNG but definitely not enough to start shorting or getting out of longs...definitely possible to go higher...if RKH is unable to break above resistance soon though, maybe that will mark the end of the rally...today's move was good but as we are quite a ways from EMA, a pullback tomorrow looks very likely...after hours we had some bad earnings from AMZN...so the pullback will most likely start right at the open...as long as EMAs hold, just stay long...

No comments: