ShepWave Pre-Market / Intra Day Update for Wednesday Published
by ShepWave.com
Posted: 2/21/2012 23:27 EST
Important Intra Day Update Published at 11:50 AM ET
There a couple of observations that need to be kept in mind at this time. First of all Crude Oil has hit the anticipated new recent high. However secondly, the Dow Transportation index was actually down 1.46% on Tuesday while Crude Oil was rallying the past couple of days. This disconnect could be an indication that the direct relationship between Crude Oil and the Equity indexes is about to end...if it hasn't ended already.
Also the weakness in Tuesday's action, considering that a supposed resolution was found for the Greek problem, shows that the markets are possibly getting weak. With that said it would be very tempting to SELL SHORT "the house" but I recommend caution. We need to see clear signals to support a key top has been hit.
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| Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA. |
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