Dow was up, but friends, NOTHING is a straight line, markets gets ovebrought, it will sell off, and if oversold it will rally.
But what we want to know is what is the intermediate and longer term trend, and that I think has turned down. I would not just yet say the Bear Market is back in force, it is too early to tell.
SO with the rise today of 70 Dow points we also get this info 241 NEW LOWS and only 23 NEW HIGHS. 20 to 1
VIX melted away 1.60 to fall to 14.87 and with any hint of a rally the fear just slips away.
IMHO, from what I see, the rally is going to correct the inital decline and then the sell off will resume.
Pellet Stoves are flying out the door, there are shortages of them and the pellet fuel I hear. Buying of these will detour that for other purchases.
Coal and energy stocks continues their selloff today FDG off 4.35% MEE bucked the trend up $1.24
But TANKER stocks languish near 52 weeks low like TOPT and NT.
TASR is now weekly oversold on the RSI and I wonder if its DONE, or not.
http://stockcharts.com/def/servlet/SC.web?c=TASR,uu[w,a]wallyiay[pc20!c5!f][vc60][iut!Ub14!Ua12,26,9]&pref=G It would HAVE to hold $5 or there isn't much under that for support as you can see. 20 EMA is still declining.
D
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