The broad markets rallied on a higher than expected crude inventory build, but that was relatively short lived as the oil/energy corrective action gave way to higher highs in the afternoon. Oil/energy has rallied for three straight days, with a few of the stronger names breaking out of their bases, or least regaining the 200 DMA. Solars were on fire today. I suspect energy will pause for breather and perhaps the broader markets can move up a bit here. Initial Claims tomorrow in pre-market.
Wednesday, August 20, 2008
NASDAQ Technical Picture - Consolidation Day
The broad markets rallied on a higher than expected crude inventory build, but that was relatively short lived as the oil/energy corrective action gave way to higher highs in the afternoon. Oil/energy has rallied for three straight days, with a few of the stronger names breaking out of their bases, or least regaining the 200 DMA. Solars were on fire today. I suspect energy will pause for breather and perhaps the broader markets can move up a bit here. Initial Claims tomorrow in pre-market.
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