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SPX: Completing the V-Bottom

 
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PostPosted: Sat Sep 22, 2007 8:34 am    Post subject: SPX: Completing the V-Bottom Reply with quote

The first daily chart shows if SPX completes the V-bottom pattern, it will trade between 1,485 and 1,555 through October. Earnings warning season, over the next week or two, is bearish. However, the new quarter begins October 1st, which is bullish. Also, earnings season begins in October. Intermediate-term technical indicators and sentiment indicators remain bullish, while seasonality is bearish.

The second daily chart shows OIH (oil stocks ETF) is short-term overbought. The U.S. Dollar (below price chart) has depreciated substantially, which contributed to the OIH rally, since oil is priced in dollars on the world market. Energy stocks represent roughly 15% of SPX. So, an OIH pullback should cause an SPX pullback. Consequently, it may be better to buy OIH puts than SPY puts for a stock market pullback. However, the OIH weekly chart suggests OIH may rise above 200 within three weeks before falling substantially, although it may fall over five points next week.

PeakTrader Top Buys: C KBH PFE KKD QLGC SIMG CTIC DNDN; Top Sells OIH

*My old email aaeqqq8@yahoo.com has been discontinued. My new email is aaeqqq10@yahoo.com or messages can be sent to me at aeckart@peaktrader.com




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