Stock Market technical analysis. All of my thoughts, trades and analysis are my opinions only. I am NOT responsible for any loss you may incur. These posts are NOT meant to be recommendations in the market. This website is not a solicitation to buy or sell securities, options, or futures. The purpose of this content is educational only.
Tuesday, August 24, 2010
Going long USO @ $31.93
The UUP found resistance @ the daily 50-SMA and formed a bear flag intraday. Bear Flag:
I'm long USO @ $31.93 after it pulled back into double bottom support. Dollar down=Oil up.
I agree. Although my longer-term outlook is inflation, I do believe we have just entered a deflationary environment.
I am seeing bearish setups in oil on its weekly chart, but it has fallen 10 of the past 11 days into decent support. That is why I am looking for a 1 day bounce. Good Luck!!
Oil is going down a bit more....will enter long around $68
ReplyDeleteBig traders are freaked out but will step in and buy hand over fist...however we only run back to 73-74
Then all hell breaks lose...not sure what next. Deflation or Inflation
Money needs to go somewhere and its possible we have a repeat of 2008 when oil moved up to $144
I agree. Although my longer-term outlook is inflation, I do believe we have just entered a deflationary environment.
ReplyDeleteI am seeing bearish setups in oil on its weekly chart, but it has fallen 10 of the past 11 days into decent support. That is why I am looking for a 1 day bounce. Good Luck!!