For you night owls out there, here is the daily chart of the crude oil ETF.
What say you about Tuesday’s weakness down from the channel highlighted below? Does it mean anything for the market/economy in a broad sense?
Crude looks to be a short here.
Speak your mind, night owls.
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Skullcandy is still a long idea, with a $9.50 trigger close to proving true, seen on the first daily chart below. The stock has based nicely since its gap higher a few weeks back.
And Visa is a short idea, if the bear flag highlighted below the diamond top on the second daily chart breaks down.
Drop me your top tickers overnight.
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Enjoy tonight’s video, and enjoy your evening.
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I will discuss the Ford/General Motors dynamic after the bell today in my video market recap.
For now, note the continued battle at the $34 level for GM, with bulls nowhere close to being out of the woods despite continued resilience.
It would behoove them to start rallying before that 200-day moving average begins to turn lower.
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Emerging markets look to be setting up for a quick short trade for aggressive traders, seen gapping above the ETF’s upper daily chart Bollinger Band three days in a row. EDZ is the triple-levered short ETF. Stops should be placed above today’s highs on EEM.
Also note the impressive chart and strength in the Soybean Fund today. Sure, it trades thinly. So you can look at the futures if you like.
Which tickers are on your screens into the final hour?
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The key issue for gold right now is whether it will follow silver back below the integrity of its prior bottoming formation from which it broke higher.
Observing the daily chart for gold futures, below, you can see the slanted inverse head and shoulders neckline now coming into play.
Put another way, the critical issue is whether gold or silver is the true leader here, with silver leading down and gold leading up.
The miners have yet to reveal much of a tell, sluggish in their own right.
Simply put, I am flat on the complex at this point, with little to do but observe whether gold bugs can pull off a major higher low before another run higher. The 1280 area should be just about all she wrote to the downside if the gold bull is legitimate.
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