Last Hour Rally Saves Market
Posted by Blain Reinkensmeyer
February 22, 2008 at 4:33 pm
A late day rally which started after 3:00 PM saved the market from technical breakdown, with the major indices closing all in the green for the day.
The major focus was the NASDAQ Composite, which from last night we saw a wedge pattern being formed, and today that wedge was broken to the downside. The NASDAQ finished the day though just above 2,300 which puts back in the safe zone.
Look for the next “Nightly Stock Picks” report to come on Sunday night. Until then have a great weekend.
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What a close! I’m still long Ag. Sticking with POT and found a new ag commodity ETF called GRU which holds wheat, corn and soy. I love the Nightly Stock Picks and charts. I am not to technical but have been studying and I like the analysis that you provide. Please let me know if you see any trend shift in the Ag sector.
[...] market’s finally going to show it’s hand, perhaps as early as next week. Keep an eye on ABK for the [...]
That was an incredible Friday. I was actually thinking of delving into the financial world, but thinking it may be a bit early yet (long term however, still bullish). Being a bit bullish, so…. I dumped my shorts (sorry no offense, I meant sold my shorts & took profit, but that’s what it felt like!). I’ve never seend the market turn on a dime like that, however I’m wondering if this rally was short lived.
As far as AG goes, I was thinking of MOO, but settled on the newer ETF (DBA) for my IRA, that holds corn, wheat, sory and also sugar so I’m in the same boat (or tractor depending on how you look at it!).
There was one CNC analyst that was stating as far as AG goes, many commodities are already hedged by the AG companies, so in the AG sector with stocks, you may not see that much of a difference.
On AG I take a gander at some of the individual stocks as well to see how they are doing (2 examples being ANDE & CPO, but just my personal picks). There may be some better ones, but I suppose I should look at the commodity prices. If anyone has any information on AG indexes, can they email me? For now I’m mainly just weighing the commodity price indexes.
ok, nevermind i think i found a good AG index here: DJAIGGR
I ran it against GRU & DBA and it seemed pretty close, so as far as trend shift in the AG sector, you may want to keep an eye on this chart and perhaps apply the same rules per the article, it may help. This is the first time I’m seeing the index, so don’t know the trends, but just wanted to let you know it was out there Russ in repsonse to: Please let me know if you see any trend shift in the Ag sector.
Interesting, let’s keep an eye on this and see what we find over time.
Thanks for the index info. Wheat and corn prices are up very sharply so a few have already called bubble. I think the trend continues. My local paper editorial says that the Obama is fully funded by Ag-ethanol industry. If he wins, the trend should remain strong although my beer, pizza and corn tortilla chips will keep increasing in price, not to mention the $4 per gallon gasoline.
[...] - Wedge pattern formed and Friday held tight. Break above 2360 Bullish, break below 2250 [...]
Nice job on GRU Russ
