20% Sharp Shooters!: 2008

12/31/08

Gone for the Year..Best Wishes to all for a Profitable 2009

LATER!!

UCO SCO are the 2 X plays on USO

UCO was up 24% at the high

USO SQUEEEEEZE! 32.76 up 12% off lows

Ahh, got the time thing fixed

I won't be adding the time to the chart pic from now on

USO 31.80 SPX 898 DOW 8,738 only up 69 now

USO huge reversal off lows by 5%

$31.50 high of day

SPX 990 +1%

seems like we are up 5% but it's only 1%....one more punch up then the last rally of this pitiful year is done.

Crude report out USO fills gap down

USO is having a time trying to make a bottom.. gap down pre market below $29 now 30.20 on trend line trying to breakout here

SPX nice follow through

+.5% open, overbought here so we'll see how it looks later

12/30/08

Nice 2.5% move up for the next to the last day of the year

SPX 885...good 2nd effort here near the close

No Follow through on that last breakout

SPX - Keep an eye out for the trend lines here

USO nice flag breakout $29 holds

BAC near support 12.50 new lows if it can't hold it

SPX rolling over

If the STO can bounce at 80 we get more , if not watch for a reversal today

USO has to hold $29 or the trade is busted

SPX Weekly MACD Cross

Normally a great buy signal and in time for a possible Jan run up

SPX gap open to 874 USO - 3% Gap down

USO needs to work off overbought here, hopefully it doesn't crater.

SPX pop is overbought so I will wait for a pullback

12/29/08

SPX Breaksout BUT STO is kinda hot to believe we get more than a quick pop Tuesday. USO nice 6% day off the bottom channel on the daily and closes at the high of the day.

USO daily chart indicates we got a decent bottom trade so we'll watch it work off this overbought on the 15 and 60 min then see if she can get us 20 or 30% from 27.75 low

Take a step back to look at the 15 min for 30 Days

SPX ranges into the Close

857 holding so far

SPX breaks down through trendline 864

From Bulkowski Blog ( http://thepatternsite.com/Blog.html#P9 )

A New Direction: The S and P 500 Index.

I show a chart of the S&P 500 index on the daily scale. A top red line connects peaks A, B, and C, forming a down-sloping trendline. Another red trendline connecting valleys D and E highlight a loose-looking support region. Price cuts through the bottom trendline in a false breakout from the descending triangle.

Descending triangles breakout downward 64% of the time, according to my statistics on over 1,150 of them. But the breakout has already happened in the late November plunge.

I drew another trendline parallel to the A-B-C trendline in green connecting the valley before E, E, and F.

The descending triangle can break out in any direction, and if it does breakout lower, the index could follow the green and red channel downward.

As I write this on Saturday 12/27, the chart pattern indicator has been bearish for 5 days now, close to the 7 needed for a reliable signal. My guess is the bear signal will stick, and that means more down coming. The indicator also shows bearish divergence between the indicator and the index, suggesting continued weakness.

Anything could happen in the new year and with Obama taking office in late January, that could cause more Americans to feel good about themselves and the economy. And that might cause the market to turn bullish.

-- Thomas Bulkowski

Overnight Oil chart

spiked to $42 plus...working off Ovebought STO on the 15 min chart now

SPX open Ranges

Looks like a breakout from Friday is in place. And a trend line not too far below us

Morning, hope the Holidays are great!

USO diped while I was away but has screamed back, USO hit the mid 27's and is now 30.43. The daily looks to have held the RSI and MACD trends the way I thought it would. Looking for at least 20% to 36 and check the chart often.

US Markets are flat on Mideast War

12/23/08

Out for the rest of the Week...Happy Holidays to All

Ranges for Wednesday

GM under $3 again - 17%

C and BAC are weak DOW -120 SPX 861 -11

SPX breaks wedge to the downside 865 now

SPX Ranges at 2:25

See which way she breaks here SPX 870

USO claws it's way back $1.00 off lows 30.28

USO acting bottomishing here 29.13 low of the day

Market rolling over after morning SPX 880 test failed to hold

USO is just a falling knive still watching the tend line now around 31 ish

Pop on GDP in line

USO 31.50 trend line watch
SPX tested 880 on the open, 875 now

10 am Housing #'s out

12/22/08

Comments SPX - 16 or -1.8% on EOD rally

Think the Fed isn't intervening in the Market...they said they would

EOD rally / short cover gave the DOW back 150 off - 200 low , Closed - 59

Couple of things on the Market:

USO is set up for a bottom Tuesday IMO, look for a blast down and reverse. I didn't get filled at $30 today.

SPX has formed a double top at 918 and looks like it could work down to the 840 -810 level after testing the 880 level maybe.

SPX Weekly RSI has turned down for the 1st day of the week, need to watch as it will confirm another test of the lows or not.