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Buxton ND | There was some things I liked about crude today in making a bottom. Crude's way way over sold and do for a bouncy say to 36ish. We probably did put in A low but too early to tell if its THE low.
Returning to the Jan 2009 low is a positive sign for crude to rally, not so positive if some other markets follow the lead sheep thru the gate. Crude is what got these market rocking and rolling long before ethanol and corn.
China's DOW has stabilized tonight, only down .5% and there circuit breaker halting trade at down 7% has been removed. Kinda thinking that is good, just let it trade where it wants to trade.
DOW really good spot for a bounce,,, really bad spot to start building a bearish flag. A very simple 38% RT of the big move up off 2009 lows would be 13,820ish. Yaa that sounds like alot,,, market retrace 38% all the time. This would hurt in the short term, help in the long term IMO, getting the big money OUT of stocks and INTO commodities. ALL MA expect the 200 days are moving lower | |
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Crude oil has bottomed
