Crude weekly marks a 12 count and at the same time the CRB is in a weekly 13. We are definitely building a bottom here at least for some sectors - but we are not done yet. Around 55 we will get a bottom (tolerance down to 50) and a rally to 80 is the least we will see once the bottom is set. The coming 2 weeks should establish a low is one alternative way but that will not do the trick for the SPX, which needs 3 weaker weeks at least and in price terms to dive below 800 with big volume and turn around for a sharp rally thereafter - for my taste too many are hoping for a way to get the rally started.
Monday, November 17, 2008
CRUDE weekly - market outlook
Crude weekly marks a 12 count and at the same time the CRB is in a weekly 13. We are definitely building a bottom here at least for some sectors - but we are not done yet. Around 55 we will get a bottom (tolerance down to 50) and a rally to 80 is the least we will see once the bottom is set. The coming 2 weeks should establish a low is one alternative way but that will not do the trick for the SPX, which needs 3 weaker weeks at least and in price terms to dive below 800 with big volume and turn around for a sharp rally thereafter - for my taste too many are hoping for a way to get the rally started.
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