Market Replay - 8/21/10

As I have been busy lately, I have not had a chance to provide an update on the action I have been seeing lately.

As of August 11, the markets have taken a turn after breaking the bearish ascending wedge to the downside which was the day after the Fed Economic Announcement.  As this area broke on high vol, every trader was looking at this same pattern ran for the doors causing the Markets to end down 2.5%+. (see the S&P Daily Chart below).  Since then, the markets had a slight bounce and another 2% selloff on bad economic news such as the Shitty Jobs report that was worse than expected and a crappy Philly Fed Survey.  Lastly, everyone and there mother is talking about some bullshit HiddenBugger Omem which is suppposed to predict a stock market crash, yet it's past results are all over the place and are barely confirmable.  Just one more thing causing panic and giving people a reason to sell.

For more info on Hindenburg Omen see: http://en.wikipedia.org/wiki/Hindenburg_Omen

S&P Daily Chart:

S&P Weekly Chart:

In addition to the markets pulling back, Oil has seen its share of red the past few days. In the daily and weekly charts below, we can see it is just holding above the lower trendline and within the channel formed on the weekly chart.  We might be able to see a small pop in Oil in the coming days since it appears it appears to be a bit oversold here IMO butt-a-crack below could send it to $72.

WTIC - Crude Cont Contract - Daily Chart

WTIC - Crude Cont Contract - Weekly Chart

There are a some strong markets at the moment, which are those of Gold and Bonds. TLT (20+ Year Treasury Bond Fund) has seen a lot of movement into the Fund pushing it to the highs of the beginning of 2009.  GLD (SPDR Gold Trust Shares) has also gotten a pop in the recent market recent as people are flocking to safe havens.  Gold is currently near its highs and could see even higher prices if things continue to get ugly IMO.

TLT Daily Chart:

GLD Daily Chart:

A couple Stocks I'll be watching are below:

DNDN Daily Chart - Currently have position on, looking to add above the 100SMA on good volume.

RINO Daily chart - Currently no position but watching for a bounce in this area after breaking out.

I'll try to post a few more charts I will be watching before monday morning. Thanks for reading...