Thursday, August 20, 2009

WOOOPS

It's the "Dog Days of August" and my attention is split between the pool , the kids , and the screen. Guess who wins
And this is of course not uncommon, making August a treacherous month. But the action yesterday begs the question:
Will slightly less crude inventories save the world financial system? (esp considering it might all have been about a few cargoes not getting counted).

Shanghai, Hong Kong rebound on commodity stocks by V. Phani Kumar
HONG KONG (MarketWatch) -- Chinese stocks in Shanghai and Hong Kong rebounded strongly Thursday, with metals and energy producers leading a broad-based advance, riding on the back of higher commodity prices."

We now truly have the tail wagging the dog .This phenomenon is one I have been observing for a while. No doubt I am not alone. Could somebody be trying to blow a commodity bubble? Hmmmm? (imagine Jon Stewart).

In any case, the prints were made so what now?
The SP, while at a 71% retrace, is within norms for a 2 wave.
The WTI made another attempt at the highs , and for all it's fury it STILL doesn't look like an impulse wave. With Sep expiration today maybe it ends up at fresh spot mo. highs but then where? The .382 retrace of the entire in 147.30 to 32.40 move down is at 76.30.
NG actually looks like it may have completed a little correction up and still needs to put in ANOTHER new low. RSI's are of course diverging, and it has a cluster of support between 3.04 and 2.97.
The Euro hard to tell.
I'm off to the pool.


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