Sunday, June 20, 2010

Bullish Percent CandleGlance

Your comments are appreciated, please chime in.  

Stockcharts really provides a nice service.   It takes time to look at charts, but when you can quickly look at a bunch of charts, side by side, it is really useful.

on the Stockcharts website, they just did an article on how this set of bullish percent charts is showing strength of the market.

Here is their article

I beg to differ, 100% to the opposite!
Look at these charts....ONLY Energy is above it's 50 day SMA.   Does that make any sense?  Are energy companies going to be allowed to gouge the consumer because of the Gulf oil problems.   Is that a strength, or a ramp job to throw off the shorts before the real trend starts.

Financials....looks more like a bear flag to me, after all this continuing crises is a banking and financial crisis.  And Technology looks as bad as financials.    Normally, those two sectors would lead.$BPDISC,$BPSTAP,$BPENER,$BPFINA,$BPHEAL,$BPINFO,$BPINDY,$BPMATE,$BPTELE|B

Here is another neat one...a Candleglance of Breadth[BREADTH]

1 comment:

  1. If we don't turn Friday, we turn Monday.

    I expect further correction, but then a rally to the major Bradley date in Aug., then poof!


Insightful and Useful Comment!