here are the charts i will be watching next week. I have been telling you guys that thus far the selloff we have seen resembles a pullback within the context of a bullish trend, well plowing thru the weekend charts, i am finally getting the proof i was looking for. The selloff has spiked a fresh new spike in bearish sentiment, adding new shorts into the markets and even causing many bulls to think that the rally is over(me included). THE PERFECT STROM for a charge higher. Best sectors i think will be tech and energy.
It will be an interesting week that's for sure.
7 comments:
Yep I agree some huge inflows into XOM Friday
The pullback doesn't seem threatening based on vol and it's trajectory. I bet a lot of bears are in the boat who piled in late week
Sitting on XLE calls now
Hi Stewie, long time reader, first time commenting. I agree with your assessment.
The bears are getting over zealous. Market leaders are still holding good support, eur.usd appears to be bull flagging and is already getting overextended to the downside.
I concur.Energy sector is due for a bounce. Short bus is getting too crowded.Looking to play ERX and TNA a next week.
greenlander: XLE, OIH and ERX looks great here.
Mev. Wallst.
"The bears are getting over zealous"
100% agree and that's a big reason for my bullishness here.
2 cent:
http://www.screencast.com/t/graIagSc
hi kid disco: yes, that is also a very possible scenario.
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