On Tuesday, July 22 I posted the following,
"if my analysis is correct, at some point, DOW/SP/Financials all pullback and tech takes up the role of leadership. I'm not sure if that means out and out plus side gains-which I assume it to mean that, or if it means that Q's just perform better on a relative basis."
Here's the performance for the major averages and the XLF for Wednesday, Thursday and Friday
Dow-30 ........+.26%, -2,43%, +.19%
DJ-20............-.27%, -3.76%, +.28%
S&P-500........+.41%, -2.31%, +.42%
Russell 2K......+.33%, -2.34%, +1.13%
XLF ...............-.13%,-6.72%, -.38%
Composite......+.95%, -1.97%, +1.33%
NASDAQ100..+1.31%, -1.55%, +1.63%
S&P Mid..........+.09%, -3.03%, +.43%
If you take a close look at the numbers, what you'll see is the NASDAQ 100 (also known as the QQQQ in ETF form) outperformed every major average including the high-flying XLF and Russell 2K every single day from Wednesday which is the day after I posted the quote above until Friday. Can I see the future? Quite honestly, I was surprised at the accuracy of the forecast, but it was just based on what I was seeing on my chart. Of course I'm looking at something completely different than anyone else out there which is an advantage. In technical analysis, when everyone is looking at the same moving average, what is your edge? You have to think ahead of the curve and outside of the box. Wall Street is a flock of sheep, be the shepherd! Or be the WOLF!
Below I'm posting a series of videos covering this week's developments and why I think oil is headed for a significant correction. I'm looking for USO to hit at least $105, be the Wolf!
As always, I'm open to sharing my tools.
Part 1
Part 2
Part 3
Sunday, July 27, 2008
Finding Relative Strength in Mediocrity
Posted by Brandt at 1:11 AM
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