Friday, August 8, 2008

08.08.08 - Lucky 8's

What a powerful comeback rally. Adjusted tick continues to be very strong as does the AD line. So if oil goes to zero will the equities go infinite? Hey, we'll take what we can get. Trail stops and have a good weekend. And be sure to check out the Weekly Rewind before next Monday!

P.S. -- Something to keep an eye on in addition to the Olympics this weekend. Also see the chart below, Oil and Gold versus the Dollar:

10:20AM PST UPDATE: Be advised that on the daily time-frame the SPY and DIA are now just below their respective 50-day Moving Averages, which could initially pose a modicum of technical resistance. The IWM, on the other hand, has shot through its 200-day and the QQQQ is right behind.

Impressive -- but again, I'd trail stops or look to hedge on any sign of reversal. Gains are too hard fought in this market! Meanwhile intraday, I'm wondering if another leg higher is about to form in the SPY.


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