Oil above 100 and Gold hitting new high

Markets are selling off in light volumes as in bear market during the last 3-4 trading days. The Eco news this morning didn't help as well as Oil and Gold hitting new highs.

Oil closed at a record $99.62 a barrel after briefly hitting $100, as violence in Nigeria, tight energy stockpiles and a weaker dollar triggered a surge of speculative buying. Oil's climb to the psychologically key triple-digit price sent stocks tumbling on Wall Street and darkened an already gloomy economic outlook in the United States, battered by a housing crisis and credit crunch.

The bounce off from major supports, e.g. Qs 50.13 near at lower sym triangle TL, didn't last long even with oversold intraday actions, reversing after trading to 50.80 +/-, a quick bounce after the FOMC min at 2 pm. The support is held during the afternoon pull back.

The market price actions are pathetic to see selling-off in light volumes even though the volumes were better today than that were during the last three days.

Reading Bernanke boss

My posts on a website when I saw Bernanke alias was posting on the site.

But as noted, I encountered a bit of miscommunication on the site. Now, we can see that the points which I was referring to were corrected. The reason that I am mentioning this is that Bernanke mentioned about "Bernanke factor". It is obvious that, based on this, Gold speculation is going wild as noted on the post. I am not 100% sure whether the poster, "thedocument" is indeed Bernanke, but the posting style seems to be.

As noted during the last week, markets closed with symmetrical triangle formation and diamond formations. While I prefer to see a meaningful correction to SPX 1250 +/-, I would wait for a confirmation as "seasonality" is favoring to upside which is shown by a positive divergence on SPX CMF. I do not think that we are similar market and economic environment as mid 2006. Markets are in late stage of bull market and not in a stage to start a new bull market. With the current heating up inflation and slow growth, it would be better to see a meaning market correction.

60m price actions are oversold, however markets are closed below supports, e.g. Qs closing below 20/50 dma. Therefore, we will likely see further sell off if Qs breaking 51 support which is a gap-fill support. SPX closed relatively respective support; so, price actions on Monday would give us a little more guidance as we are looking a bull or bear directional confirmation. Good luck

Integrity

~ Matt 10:16

Proverbs 11:9 An hypocrite with his mouth destroyeth his neighbour: but through knowledge shall the just be delivered.

Proverbs 11:13 A talebearer revealeth secrets: but he that is of a faithful spirit concealeth the matter.

Proverbs 12:5 The thoughts of the righteous are right: but the counsels of the wicked are deceit. 6 The words of the wicked are to lie in wait for blood: but the mouth of the upright shall deliver them.

Proverbs 12:13 The wicked is snared by the transgression of his lips: but the just shall come out of trouble. 14 A man shall be satisfied with good by the fruit of his mouth: and the recompence of a man's hands shall be rendered unto him.

Proverbs 12:17 He that speaketh truth sheweth forth righteousness: but a false witness deceit. 18 There is that speaketh like the piercings of a sword: but the tongue of the wise is health. 19 The lip of truth shall be established for ever: but a lying tongue is but for a moment. 20 Deceit is in the heart of them that imagine evil: but to the counsellors of peace is joy.

Proverbs 12:22 Lying lips are abomination to the LORD: but they that deal truly are his delight.

Proverbs 12:23 A prudent man concealeth knowledge: but the heart of fools proclaimeth foolishness.