18
Dec
Wrap – Week Ended 12/16/11
Wrap comments will be included in the Monday post.
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S&P futures…
Chart tonight shows only the volume at price without the individual price bars. Magenta histogram is volume at price from October 14th. Gold histograms are weekly volume at price
The majority of the 4th quarter volume traded is now overhead and the buyers are underwater. Last week’s volume shows the downward price discovery and balance attempt between 1198 and 1216. 1216 is near resistance now with further resistance stacked at 1220,1224,1229.50. 1198 is significant support. 1151 is the major acceptance area below.
10 Day price range is oversold.
Volume trends are mixed. Breadth is in the middle of nowhere. Price and option volatility is decreasing. Clear as mud.
Still defensive here.
E&P stocks look short term oversold as well with just 17% of all E&P stocks above their respective 20 Day Moving Averages. Started to improve on
Friday with the ZLT stocks rising faster than the herd.
http://www.charthub.com/images/2011/12/18/ES_Weekly
December 18th, 2011 at 8:32 pmany idea why WLL was up significantly more than others on Friday?
December 18th, 2011 at 9:11 pmProbably because word was leaking out they were about to launch another royalty trust … They did WHX, they are bringing us another one, and raising $385 mm much needed cash. This will WHZ.
December 18th, 2011 at 9:32 pmkim jong il dead
http://abcnews.go.com/International/wireStory/north-korea-leader-kim-jong-il-died-15185456#.Tu6w7PLNm4Z
December 18th, 2011 at 10:37 pmasian stocks off a couple percent on instability due to the belief that the son is crazier
December 18th, 2011 at 10:39 pmRe 5 – yeah, makes sense. Probably pretty short term move on that.
December 18th, 2011 at 10:40 pmcontest 2 ATPG, if not taken.
December 19th, 2011 at 8:07 am