“The government revised its reading of second-quarter gross domestic product to 1.6%. That was down from the previously reported 2.4%, but still topped expectations.
Economists surveyed by Briefing.com were expecting economic activity to slow to 1.4%. “
… And the futures markets are rejoicing at this? =blink=
20 day average will be dropping below the 50 soon. Of course, it's a lagging indicator so the market should be well south when that happens. Even better news, it appears that T Theory Guru has extended his major T, that was due to expire, into next week joining the multitude of other gurus calling for a rally into the end of August. Nice down day with negative breadth to keep the McSummation declining while also allowing the BBs to continue to widen. Jaywiz is my newest contrarian indicator. Called for the market to drop 20% on Monday. Now says there will be no crash. Had today as a positive day with it continuing to rally into Monday. Last I saw oil was off its high for the day quite a bit. Todays bar is similar to bars seen before melt-ups in June and July but on those days breadth was positive and the ramp-up was already beginning in after-hours which I haven't seen so far. (but haven't checked in a few hours)
It looks like its topping to me. BBs are tightening. Dropped to the lower BB and now bouncing to midline/ 20 day average where it most likely repelled. It's probably lagging the overall market by a few days.
That chart do look like it could roll back up. And, it's trading above the 20 and 50 moving averages, while the spx isn't. Big difference between the two. On top of that, it's hitting the low BB level too… which could give it support.
That whole move up from 75 to 94, and then down to the current price… looks like a bull flag too me. So yes, I agree with you on that chart. It does look bullish.
Take a look at the daily chart for SPG (the leading REIT). Yes, MACD is bearish, but RSI is over 50. A clear 5 waves up from July, and an ABC down from the high with a shallow retrace. The C wave really does look finished. Price bounced of the confluence of the lower bollinger band and the 50 day moving average. I just don't see anything bearish there. Next stop is likely to be the upper bollinger band.
“The government revised its reading of second-quarter gross domestic product to 1.6%. That was down from the previously reported 2.4%, but still topped expectations.
Economists surveyed by Briefing.com were expecting economic activity to slow to 1.4%. “
… And the futures markets are rejoicing at this? =blink=
Wow!!! you have to listen to Tony on this….
http://www.youtube.com/watch?v=XOfRLINVqcg&feat…
20 day average will be dropping below the 50 soon. Of course, it's a lagging indicator so the market should be well south when that happens.
Even better news, it appears that T Theory Guru has extended his major T, that was due to expire, into next week joining the multitude of other gurus calling for a rally into the end of August.
Nice down day with negative breadth to keep the McSummation declining while also allowing the BBs to continue to widen.
Jaywiz is my newest contrarian indicator. Called for the market to drop 20% on Monday. Now says there will be no crash. Had today as a positive day with it continuing to rally into Monday. Last I saw oil was off its high for the day quite a bit. Todays bar is similar to bars seen before melt-ups in June and July but on those days breadth was positive and the ramp-up was already beginning in after-hours which I haven't seen so far. (but haven't checked in a few hours)
It looks like its topping to me. BBs are tightening. Dropped to the lower BB and now bouncing to midline/ 20 day average where it most likely repelled. It's probably lagging the overall market by a few days.
Mkt follows SPG – I have heard that before …
That chart do look like it could roll back up. And, it's trading above the 20 and 50 moving averages, while the spx isn't. Big difference between the two. On top of that, it's hitting the low BB level too… which could give it support.
That whole move up from 75 to 94, and then down to the current price… looks like a bull flag too me. So yes, I agree with you on that chart. It does look bullish.
Here ya go:
http://www.screencast.com/users/dreadwin/folder…
Do have a link to the chart handy?
Take a look at the daily chart for SPG (the leading REIT). Yes, MACD is bearish, but RSI is over 50. A clear 5 waves up from July, and an ABC down from the high with a shallow retrace. The C wave really does look finished. Price bounced of the confluence of the lower bollinger band and the 50 day moving average. I just don't see anything bearish there. Next stop is likely to be the upper bollinger band.
New video update. Refresh page.