The Communist Chinese keep driving this Market down and the USA keeps kissing their asses while they play games with their currency manipulation.
The bulls missed their opportunity yesterday to take equities higher, and it looks like the bears took control overnight on more rumors of Communist Chinese monetary tightening and sovereign debt problems in Ireland.
These stories are nothing new, but it's important to take note when traders change their reaction to events, as is happening now. My long term bullish bias has not changed, but short term I am playing the swings and potentially intermediate term, to be determined by today's price action. Only a close over 1191.00 would change this and suggest the bulls regained short term control.
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Any thoughts on crude advancing or breaking down out of it's recent range in the near term?
ReplyDeleteCrude Oil will probably won't trade below the 80 level and is very dependent on the Dollar Index.
ReplyDeleteLooking at the 60min of Crude Oil the most probable range is 80.50 to 85.75 ( Floor R-2 )
since the most likely path for the Dollar Index is to go down to 78.50 ( Mid Range ), then Crude Oil will head north to 84.50. This is assuming that there is no fundamental news that will alter this projection in the near future.
Good Luck
Looks like the 80 level in Crude held as projected and is heading to 82.43 and the Dollar Index is back down as expected.
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