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The Euro is rallying from a 4-year low as shorts failed to drive this market through the old bottom with conviction. Fundamentally the news may have been getting too bearish for the Euro.

The EUR USD posted a closing price reversal bottom after positive comments from Greek officials encouraged weak shorts to lighten up their positions. After touching a new low for the year overnight, the EUR USD turned around as the lack of fresh selling pressure scared some of the weaker shorts out of the market.

The U.S. Dollar rallied overnight following yesterday’s closing price reversal bottom. The first objective was met at 77.77. Upside momentum took the market to the upper end of the retracement range at 77.93. The Dollar may run into some resistance in this area, but a lot will be determined by today’s ADP jobs report and ISM Service report.

The U.S. Dollar was able to mount a comeback after early session weakness. A lower than expected U.S. pending home sales report helped raise fears the Fed would once again leave interest rates at historically low levels and fueled increased demand for the Dollar as a safe-haven investment. Oversold conditions also contributed to today’s rally.

S&P Posts Daily Reversal Top

Posted by Futureshound on December 2nd, 2009

Wednesday’s weaker than expected ADP Report for November helped contribute to today’s drop in demand for higher risk assets. This led to a stronger Dollar as traders sought safety in the U.S. currency while reducing exposure in riskier stocks and commodities.

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S&P and NASDAQ Post Weekly Reversal Tops

Posted by Futureshound on November 20th, 2009

Investors continued to dump higher risk assets today triggering weekly closing price reversal tops in the December E-mini S&P 500 and the December E-mini NASDAQ. A follow-through break to the downside in both of these markets next week will confirm the reversal top and lead to the start of a 2 to 3 week break.

U.S. equity markets posted weekly closing reversal tops indicating the possibility of the start of a 2 to 3 week break. A worse than expected U.S. Durable Goods Report triggered today’s sell-off, but the high for the week was posted shortly after the Fed FOMC announcement on September 23rd. Investors are selling stocks on the belief that prices are too far ahead of economic conditions.

U.S. Dollar Set Up for Weekly Reversal Bottom

Posted by Forexhound on September 24th, 2009

The U.S. Dollar posted a strong gain today and is now in a position to close higher for the week. A weekly closing price reversal could indicate the start of a 3 to 4 week rally. Investors are not too happy with the projected pace of the global economic recovery. Many cite yesterday’s action by the Fed as a sign that the recovery will be slow and labored.

Bulls Arrive On The Scene

Posted by Kingsley on January 16th, 2009

The bulls were finally able to hold the line at support. Buyers also entered the market as volume was high. Have we now seen a higher low put in place?

I am not sure how strong and long this commentary is going to be as I have been surfing some giant waves and have been spending the past two days at the beach most of the day watching the surfing contest at Ho’okipa amongst the HS ripping groms. These kids paddle out into 10 foot face POWERFUL HEAVY waves and charge like it is nobody’s business.

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