Wednesday, March 21, 2012

21 Mar 2012

 People have been saying the crisis would rotate to Spain and Portugal for sometime now.  Notice how BBVA, one of Spain's biggest banks, is very near long term support and resistance.  It could break up or it could break down.
 Here is an upclose view.  Remember in early February that you could take some short positions if you were patient.  This is one of the few stocks that recommendation has worked for.  Anyways, the yellow line is a recent support and the bottom white line is what goes back to 2009.  I will be watching.

Oracle had a nasty reversal candle today despite good earnings.  Notice how the RSI and TSV have divergent peaks and are no where near oversold as it hits its descending trendline (not on graph) and the 50 and 200 EMAs.
 Medium term turned down today.
Short term continued its descent.  When, not if, will the indexes notice?

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