Woah...That Was A Close One

Well, for a minute there it looked as if the triangle pattern had been broken, and it still might be, but not for another day at least. About a half hour or so before the close, we saw huge buying for stocks (and thankfully in energy and oil). While today's buying again formed long lower shadows on the charts which reinforce support areas, we still need this market to move above the triangle's upper resistance level before we get really bullish. Plus, I don't really count on earnings all of a sudden being great in the near future.



Like I and others have preached, Oil is again just hammering out a base. Today it was up at the open, then way down in the middle of the day, and finally closed up on a rally late in the day. Notice that the volume for DIG was pretty good today (and the past couple of days for that matter) which should help it start moving higher. It also didn't hurt that OPEC decided to cut production today in an effort to protect what profits are left as the global economy declines.



The dollar again reached new and amazing highs today, but this run is very very close to being over. I shorted the USD/CAD which is particularly over-bought and forming a very clean shooting star pattern. I'm probably going to hold these for a while until it move closer to its 200-day moving average.