Elwood: It's got a cop motor, a 440 cubic inch plant, it's got cop tires, cop suspensions, cop shocks. It's a model made before catalytic converters so it'll run good on regular gas. What do you say, is it the new Bluesmobile or what?
[a brief thinking pause while Jake attempts to light a cigarette]
Jake: Fix the cigarette lighter.
I didn’t get to watch much of the action today, but you could easily tell it was one heck of a fight. You may have noticed the last hours of trading seem to mysteriously bring in buyers? I wouldn’t put it past the Feds to be pumping this market, but I don’t think that is what’s happening here.
To get a closer look, I’ve posted a 60 minute chart. If you look at the last hour of trading for each day, you can see that (in general) the last hour of trading is usually a continuation of a direction. Another neat item of interest is how there are only 2 gaps (red circles) that haven’t been filled and both those gaps lead to a higher trading range. You may have also noticed I’ve drawn in 2 lower highs and higher lows, I’ll go more into that on the next chart.
<O
I’ve drawn in what could be the beginning of either an Ascending or Symmetric triangle. At the moment it’s drawn as a Symmetric triangle, but that could change with the next swing high. Also, the last time I drew up a Descending Triangle, that b*stard broke out in the opposite direction.
<O
The Dollar is killing me… But here are my reasons for not exiting the I-fund just yet. <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com
</st1:country-region>China is laughing at us while we beg on hand and knee, the technicals (from my perspective) show overhead resistance, and AGG is tanking. In a previous blog That’s Bullish I highlighted what I thought to be an important event. June 10, 10-Year treasury notes will be sold.
<O
15-Day Chart $EMW is winning the fight, while the others have yet to regain the trends.
<O
30-Day Chart<O EFA broke under the trend, but managed to close right at the trend.
45-Day Chart EFA broke under the trend, but managed to close right at the trend.<O
<O
Although I’ll be on vacation, I’m waiting to see how this plays out so for now I’ll hold my 100% I-Fund allocation. Good luck and take care… Jason
<O
[a brief thinking pause while Jake attempts to light a cigarette]
Jake: Fix the cigarette lighter.
I didn’t get to watch much of the action today, but you could easily tell it was one heck of a fight. You may have noticed the last hours of trading seem to mysteriously bring in buyers? I wouldn’t put it past the Feds to be pumping this market, but I don’t think that is what’s happening here.
To get a closer look, I’ve posted a 60 minute chart. If you look at the last hour of trading for each day, you can see that (in general) the last hour of trading is usually a continuation of a direction. Another neat item of interest is how there are only 2 gaps (red circles) that haven’t been filled and both those gaps lead to a higher trading range. You may have also noticed I’ve drawn in 2 lower highs and higher lows, I’ll go more into that on the next chart.
<O
I’ve drawn in what could be the beginning of either an Ascending or Symmetric triangle. At the moment it’s drawn as a Symmetric triangle, but that could change with the next swing high. Also, the last time I drew up a Descending Triangle, that b*stard broke out in the opposite direction.
<O
The Dollar is killing me… But here are my reasons for not exiting the I-fund just yet. <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com
<O
15-Day Chart $EMW is winning the fight, while the others have yet to regain the trends.
<O
30-Day Chart<O
EFA broke under the trend, but managed to close right at the trend.45-Day Chart EFA broke under the trend, but managed to close right at the trend.<O
<O
Although I’ll be on vacation, I’m waiting to see how this plays out so for now I’ll hold my 100% I-Fund allocation. Good luck and take care… Jason
<O
