Friday, July 11, 2008

Entry for July 9, 2008

Reviewing my performance as to what I missed, I think I need to look closer at the open high low close and volume relation for my analysis to be clearer. It seems that I there would a holes in my previous analysis for discounting some obvious information that would could have possibly made for a better more accurate analysis. Though it is not yet Friday, it is hard to believe that the close the s&p500 on tomorrow Friday will move 2.15% in the upward direction, thus making my last week's analysis wrong even if Friday is another up day. However, if volume does decrease to around low 4 Billion or 3 Billion range another big move maybe in place for the following week. If my previous analysis of support developing is correct the move should be the upside. However, considering the wide swings and whipsaws in prices it might be hard to call this week a week of trading sideways, as also the range i stated of 1350-1380 was broken below as the close of July 9th was at 1244. If anything prices are still forming a downward trend channel. Uncertainty from the fundamental side along with bearish sentiment for surely would seem to indicate further downward movement, however I think Friday's volume will be key to see where the start of next week will be (though i have not yet analyzed volume vs price open close and highs for weekend periods leading into the next week).
I would like to happily say that oil did indeed revisit levels in the 140's at the highs of 142, though currently prices retraced back to 141.84 as some investors were taking back some gains. For oil, I will remain bullish into next week, and though I will have to re-analyze oil during the next week as fundamentals may change.

No comments:

Post a Comment

This Blog has been developed by Analyze Capital LLC, and as an independent organization we provide “AS IS” information without warranty. The ideas and opinions expressed by the contributers of this blog are personal and do not represent the actions or policies of Analyze Capital LLC. The contents of this blog do not intend to assert recommendations or to offer advice of any kind. We are not responsible the consequences, be they gains or losses, that may result from using any of the information from this blog.