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Indicators We are Watching – Oil Appears Oversold (For Now)

February 8, 2010 8:35 am

There have been several warning signs over the past few weeks that now were obviously a “tell” for the coming direction of equities. (Hindsight is 20/20 of course)

Much of the action can be blamed on the sovereign debt concerns and the U.S. dollar’s rocket, causing short covering of carry-trades. There was even talk of a hedge fund(s) collapsing and selling off due to panic selling to cover shorts.

Oil may be oversold and bounced nicely off of $70 and the U.S. dollar has to push through hard resistance from here. Next week’s revalations about Europe’s decision to support Greece (and the PIIGS) will dictate market direction.

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High Yield bonds may have hit a wall here as downgrades are starting to appear across fixed income sectors.

(Click on each chart to enlarge)

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

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Written by Andrew Horowitz · Category(s) MarketMash, Markets, Strategy    |  Tags: • •   

10 Responses to “Indicators We are Watching – Oil Appears Oversold (For Now)”

  1. Adding to Gold (GLD) – Right on Schedule : The Disciplined Investor on February 11th, 2010 2:54 pm

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  2. Adding to Gold Position Right On Schedule | Reaction Radio on February 12th, 2010 3:30 am

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  3. Adding to Gold Position Right On Schedule | Top Equity News on February 12th, 2010 3:32 am

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  4. BullseyeMicrocaps.com » Adding to Gold Position Right On Schedule on February 12th, 2010 3:46 am

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  5. Adding to Gold Position Right On Schedule | Stocks and Dollars on February 12th, 2010 5:15 am

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  6. Adding to Gold Position Right On Schedule | Stocks and Sectors on February 12th, 2010 6:59 am

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  7. Adding to Gold Position Right On Schedule | Smart Stocks Investing on February 12th, 2010 6:28 pm

    [...] in the week we were looking at the technicals for Gold (GLD), Silver (SLV) and other [...]

  8. The 15 Hottest Read This Week on TDI : The Disciplined Investor on February 15th, 2010 9:45 am

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  9. Indicators We Are Watching – Bullish Signals for Metals? (GLD) (SLV) : The Disciplined Investor on February 16th, 2010 8:50 am

    [...] Last week we suggested that a break over $106.50 may be an entry point for GLD and we did so across the board for for our client portfolios. Silver (SLV) is looking like it may be oversold and might be worth considering as well. [...]

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