Saturday, April 5, 2008
RedDirt's Weekly Update
This week I'll start out by taking a look at the action in this past weeks BricTrade. The $HKO:$USD ratio chart (click here) is a strong contender for trade opportunities in the EEB solely off buy and sell signals on the Stochastic.For the week we see that EEB led the other BRIC ETF's with a 7.22% gain. While the winner for the week among the individual country ETF's was EWZ with a gain of 8.89%. On Tuesday we saw trend line breakouts above the gator moving averages for both EWZ and FXI. RSX has made a nice recovery since it's latest stoch buy signal, whereas INP still appears to be under distribution as it closed below all moving average's and closed down -3.75% for the week.
Now for a look at the Weekly SP500 chart. As I was expecting we saw that bounce to 1380 this past week. It finally got touched on Friday as evident here on the 60 minute chart. Now for the hard part. Where does it head from here? My view would be that a sideways consolidation would be nice but that may just be wishful thinking. What I'll really be watching closely is any pull back to the 1335-1343 area to see if that area holds for support. I really wouldn't be surprised to see an inside week on the weekly chart. What I mean by that is last weeks high and low will not be broken this coming week. But, I'll be prepared for anything to happen by being glued to the 60 minute and 1 minute charts.
Time for a look at the DecisionMoose. Be sure to check in later this weekend for the most recent Moosecall and Moosignal. Be sure to hit refresh on your browser to see if it has updated.
If you have some extra time this week this LINK will direct you to the learning center at Barchart.com. Thanks for stopping by and good luck next week with your trades.
*Please remember nothing mentioned on this blog is a trade recommendation, the purpose of this or any other post here is to get you, the reader, interested in learning what technical analysis can do for you.
Labels: BRIC ETF's, candlestick charts, decisionmoose, RedDirts BRIC Trade, sp500, technical analysis
Comments:
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I normally would not be the 1st to leave a comment at one of my post. But when the SP500 hit 1380 I started stuffing money back under the mattress. Sold my individual stocks in my margin account and moved a large portion of my 401k money to cash. Although the 401k trade was end of day so a portion of that gain was lost into the market close. This is the main reason I'm ready to quit my job and role my 401k funds to a self directed IRA. That would provide more investment choices and better market timing.
As you know, I too have gone largely to cash with an SKF position to play a possible Financials implosion, next week. I don't see how we (the stock market and shadow financial industry) can avoid reality, despite liquidity injections. We've got Fed Meeting minutes coming out Tuesday (I think) and that should start things moving since the Fed Govs are getting tired of this dollar devaluation.
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