Commodities Index Building Strong Foundation - Jeff Pierce

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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More

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Commodities Index Building Strong Foundation 0 comments

Aug 30, 2012 7:03 PM

CRX is taking it's time forming a bottom and it's starting to really look like it's laying a strong foundation of support. That should allow it to bounce off that $790-800 level and springboard higher in the fall. Watch the RSI trendline as it shouldn't break that support and I would really want to see it pierce that 70 level and beyond to display superior relative strength.
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VIX has completely worked off it's oversold state and it is in a position where the markets could rally. Note has the SPX has basically moved sideways as VIX rose.
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Themes: commodities, VIX, trend trading

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