Thursday, July 30, 2009

Technical Picture - Still Range Bound

The S&P is still range bound in a box play, but the pattern is starting to look like a bearish rounded top.

Yesterday we wondered if oil was pausing or setting up an ambush play. Today's gap down open signaled an ambush.

On the TSX you can use the Betapro ETF HOD for maximum effect short oil, and in the U.S. the SCO ETF has similar result. Both gapped up and carved out bullish flags.


john said...

Nice focus Jamie.

Jamie said...

Thanks John,

The gap helps.

bl said...

Nice and noticed SCO and UCO are much better looking charts than ery erx did dug. Thr UCO nice long opening