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Janet Yellen will be speaking over the next 2 days and everyone is looking for signs. Signs that an interest rate hike may be coming and what that may mean for the markets. So far most things seem to be business as usual. On FEB 12, with the recent break to new highs in the Nadsdaq (and then the DJIA and SPX) after such a long consolidation, I thought that we could get a melt up higher. A normal test of the break out also cannot be ruled out. I also called out a target of 5241 over time.
NASDAQ NOW
Lets look at what OIL & NATGAS have been doing...
Read MoreHave you seen any Ascending triangles? They can break out higher and they can break out to the downside. Here is one that broke out higher for example.
I'd like to show you another one...
Read MoreI wasnt going to do a Friday report, I was just going to allow yesterdays report to speak for itself, but lets just do a quick review to be clear.
I posted this oil chart yesterday for a reason...
A drop to that area would be a low risk entry...
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