Friday, July 10, 2009

7/9 - Market Analysis

signals mixed causing technicians much headache


SPX - pullback to breakdown


SPY - above ema now...side


COMPQ - still bearish


RKH - holding on..side


OIH - stage 4 pullback


VIX - resistance holds


ETFs


HEAT - mixed


ISEE - bearish


Analysis: as i look at many charts, i see that most stocks have fallen a lot and many seem ready to get a pullback to EMA...problem though is that the rise was so fast up that the fall can be just as fast...some charts still look ok in terms of timing shorts, mainly gold...energy seems oversold and will lead the pullback if it continues tomorrow and next week...currently, there is just as much reason to head higher for a pullback as there is to fall lower as support is weak...

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