That was first day of year and super bullish with commodity stock markets while much less exiting in SPX or DAX & CAC terms.
With that I was dead right, much less exiting in SPX terms but much more with all the metals.
In fact I found even more potential shorts from SPX as Autonation to be friend with Autozone and potentially also LTD to become one.
Perhaps it is "hedge" environment, one can find shorts and longs from the same index for a moment (it might also means nightmare for directional indextrading approach).
Alcoa & MittalSteel fire,
Simple because SPX never can suggest something like CRB can in here.
However, only very few have actually impulse behind yet, like FCX or X can suggest ABC movement for me upside, but the first upleg doesn´t look impulsive for me at all what they have for which reason I also skipped them. I did trade also FCX today but still would prefer more to hold cases which do have one impulse allready finished or then nothing even exist at all like Alcoa.
CRB also hit and reached my orignal channel upper target and I changed this count which was originally running potential triple tree, I ended it potential W2 bottom which was just ultimate deep retracement where downside correction was simple ABC with expanding triangle.
I knew that this BrendCrude ETF is going to work some day because it´s EW cont. triangle.
All gold and silver stocks ended higher as expected anywhere between 5 and 10 % with this wave - cute little pubbles from the 2011 which are now down pretty much -50% and in some cases even -80% ! One area where trend ended over 2011.
I have few of them but I think Molycorp (Earth Metals) has now came to the place where it will turn also with this commodity recover after 8 months landing.
Volume in the market is still relative low or even dead in some cases & nill, new Volcker restriction law starts to effect to kill investment banks proptrading ?
Hopefully there will be no war or new currency warns again, because I am not sure at all if this commodity run is based for any macro or fundamendal issue or just changing the money for some real assett, I just found it techically to become to area to run.
Alcoa at least is cheap enough while MittalSteel is not expensive either.
Based for CRB EW chart I do not expect it was just one day wonder effect instead to be the best sector for the month where it is even possible SPX itself does not give much.
Because BrendCrude had EW cont. triangle it also suggest it is IV territory ie. potential fifth wave we did open but XOM chart as well as BNO might suggest later yet we might have peaking and even crack ahead over this spring once the impulse will be finished.
CL future behaviour over the passed month has also been very much IV behaviour doing nothing much. XOM chart from oil indursty however is unique, I don´t think rest of the indursty stocks are this run at all, technically. If looking oil I would be taking HFC or CHK any other which have zigzag corrective pattern instead this kind of high.
Btw. mentioned month ago this BAK chemical is potentially building ending diaognal if it takes one another zigzag which I think it just did to finish the pattern. It looks for me ABC movement where diaognal is C part. it´s little "wedgie" on there with few selective names which should support the CRB view also.