Thread: MrJohnRoss' Account Talk

Originally Posted by DaddyTin

And more air under the wings to lift the oil prices...........talk of oil supply being lower than in the past.

Oil Gains Before Doha Talks as IEA Sees Global Market Balancing - Bloomberg

Those Iraqis may have something to say about that.

Mr Tran is looking up:


TRAN.png

Yesterday was a big day for TRAN. Not surprised to see it pause here. There's plenty of room to run higher, as we don't have overbought readings yet. Well within the BB, RSI looks fine, and PPO is not overbought. Yesterday's gap higher by the S&P sure took me by surprise. It also looks like USO is deciding whether it's going to go any higher. That and the USD may be the keys to where we go from here. UUP is starting to bounce from oversold conditions. Stronger dollar may hurt oil, which may hurt stocks. My timing systems remain at +1, mildly bullish.

Buckle your seatbelts, USO may get slammed tomorrow, as Iran's "No Deal" is rattling the oil markets.

Between that and the Saudi's threatening to dump all their U.S. assets, uncertainty may rule the day tomorrow.

Originally Posted by MrJohnRoss

Buckle your seatbelts, USO may get slammed tomorrow, as Iran's "No Deal" is rattling the oil markets.

Between that and the Saudi's threatening to dump all their U.S. assets, uncertainty may rule the day tomorrow.

These are some strange times. Oil rallied along with the markets all day. Go figure. My guess is tomorrow will be a down day. S&P is outside the upper BB both on the daily and hourly charts, and RSI is over 70 on the hourly. Expecting a cool off, which seems logical, but apparently logic has been thrown out the window these days. Volume has been weak, so this mini rally is suspect. No change in my system readings, but we're very close to a strong buy +3 if tomorrow closes strongly higher.

Temptation is tapping on my shoulder, saying: "pssst, you're missing out on all these gains - c'mon, put your money in stocks now!" That's the way temptation works.

I prefer to use a proper set up. This is not the proper set up:


spx.png

Even though all three of my systems are now in "buy" mode, this market is quite overbought, and is due a pullback, IMHO. RSI is near 70, PPO is overbought, and prices are above the upper BB. Maybe the "sell in May and go away" phenomenon will throw some cold water on this market. Pretty much nothing else has cooled it off. Even the fundamentals - extreme P/E ratio's etc., seem to have no effect.

Is this the final "bubble" that the Fed is creating during this election year? Damn the torpedo's, full speed ahead?

The new 20 spot. Get used to it.


tubman 20 bill.jpg

what does the backside look like?

Originally Posted by MrJohnRoss

Even though all three of my systems are now in "buy" mode, this market is quite overbought, and is due a pullback, IMHO. RSI is near 70, PPO is overbought, and prices are above the upper BB. Maybe the "sell in May and go away" phenomenon will throw some cold water on this market. Pretty much nothing else has cooled it off. Even the fundamentals - extreme P/E ratio's etc., seem to have no effect.

Is this the final "bubble" that the Fed is creating during this election year? Damn the torpedo's, full speed ahead?

What else are banks supposed to do with all this free electronic money... buy stocks

Could not the American people have VOTED on this one? I do like what she stood for.

Originally Posted by burrocrat

what does the backside look like?

Not sure. Any guesses?

Originally Posted by RealMoneyIssues

What else are banks supposed to do with all this free electronic money... buy stocks

True dat.