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Could it be that the euphoria in the market is quickly wearing thin? Price action is showing strength but some of the market internals are showing a drop in the intensity of buying (or short covering). At the moment it seems we have hit a ceiling. May only be temporary or maybe the hangover from yesterday is setting in and reality is taking over..
The Advance/decline ratio is showing signs of profit taking increasing. And the trading volume has been tapering off.
Wednesday, September 19, 2007
Market Update
Posted by Fp80 at 9/19/2007 11:44:00 AM
Labels: Market update
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2 Comments:
WHAT EFFECT DOES OIL HAVE ON THIS MARKET? CHECK THIS OUT:
http://seekingalpha.com/article/47541-the-oil-scam-driving-crude-over-80
I read the article you provided. My first impression is there are some valid points made. However the price of oil is very wound around the global demand and the output capabilities. I hold the belief that OPEC controls too much of what happens with the price of oil and I would like to see oil be controled by a more open and fair market valuation process. Whenever any organization (OPEC in this case) has the ability to control the amount of oil that is put into the markets then the price will always be subject very highly to the "fear" of not having enough, which drives prices up.
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