Tuesday 26 August 2014

1pm update - super strong Dow

The Dow is higher by another 40pts or so today, which makes for an August gain of around 560pts (3.4%). Upper bollinger on the monthly cycle will likely be offering 17500/700s in September. Metals are slowly cooling from the opening gains, Gold +$7


Dow, monthly'2


Summary

The giant monthly cycle on the Dow 'rainbow' chart has the first green candle since last December, and looks set for further gains next week/month.

For those seeking sp'2050s, that probably equates to Dow 17500 or so.
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Other than that..it remains very quiet out there.

Notable gains in the R2K, but I think I'll leave that for the next hour.
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1.05pm.. A lot of chatter about the Oil/gas drillers, RIG is on the move, +2.7%.

Possible double floor on the daily chart....hmm

1.25pm.. I've my eyes on SDRL. I've meddled in that a few times this year.. its in the $37s...weekly charts offer 40/41. Interesting company.