الشعثاني
عضو مميز
After Market Report
We are still watching the QQQQ struggle at its throwback point. The SPY looks a little better, but volume remains a problem on the bounce days when compared to the heavy volume sell days. We have read several technicians over the past couple of days who are calling a bottom here. In fact, by last count, three major contributors have drawn trend lines below the QQQQ low created on Tuesday, but by our count these trend lines represent intellectual dishonesty and wishful thinking. The major trend on the QQQQ is at $37 and unless the price can regain that level on decent volume, the trend remains down. The SPY is trading right at its trend line, so the message for the blue chips is a bit more neutral at this point. Tomorrow’s jobs report may make or break the near term outlook at this important resistance level
Of interesting note today, Goldman Sachs released a new oil report entitled “Super Spike.” In the report they raise their long term outlook for the price of oil from
their original $50-$80/barrel prediction to $50-$105. This is quite astounding
and the street is still trying to figure out how to react. We are looking for oil to show some signs that its retracement is over as we believe there are a lot more dollars to be made in oil stocks before all is said and done. Likewise, gold, once it puts in a bottom, has the potential for phenomenal gains over the next few years as long as it maintains its current trend channel