Thursday, May 21, 2009

Technical Picture - Pressure

Markets gapped down on the open with steady pressure noted into mid-morning. The midday drift and new afternoon lows were met with muted interest so the bulls were able to able to put together a late day reversal with higher volume into the close.

Gold extended its BO gains as the $USD continued its slide. Commodities, many of which were extended, came under pressure, carving out evening star reversal patterns - agchem (MOO), steel (SLX) , coal (KOL). Financials held up fairly well.

No economic data tomorrow ahead of the long weekend, so it could be a slow day. ADSK - big earnings beat in after hours will be on my focus list tomorrow.

5 comments:

TraderLars said...

jamie good to see you back .... how was vacay???

looks like i overshot on that gold short.... lmfao... 700 was a stretch but 850 is still a nice winner.

Jamie said...

Hey Lars,

Vacation was good. Nice call on the gold short. I've been long ABX in the retirement account since early May when it took out $30.00, partialed at $35.00, and trying to hang on for a tag of $40.00.

wm said...
This comment has been removed by the author.
Stock Hunter said...

TI scanner is a great tools, thanks for the recommendations!

Jamie said...

Stock Hunter,

Yeah, TI is a real time saver when it comes to finding the best trading opportunities.