Tuesday, October 4, 2011

Issues with You Tube

I don't know if I am going to be able to get the video up in time for tomorrow. I'm exhausted and need my beauty sleep after all!.

Synopsis:

Market traded lower and reversed across almost all sectors. Volume was ok, but not the kind of climatic volume that makes a low. Breadth was suspect for sure. It ended only +595, NOT the kind of reading that a big bull starts from.

Breadth will need to get better, and the Bulls will have to do some work in order for us to go higher. Still PLENTY of resistance to get through. Best scenario is small base building before trying to push higher. Watch the hourly charts for consolidation and flat bases, etc. V reversal type moves lack proper support, so the best scenario is building a basem even on the smaller time frame.

Could this be just a blip and we go back down? Absolutely, as we are still in a Bear market, a 1 day reversal doesn't just end them.

Stocks covered:

XOM nice reversal COP, HES, SLB too. AAPL AMZN GOOG, see if they pause before moving higher. NFLX looks to be forming a Bear flag. GS big move off intra-day lows.

Sorry about the video, hopefully it uploads.

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