Another Reversal

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Home sweet home! I got back at midnight last night, and after getting to sleep, I naturally got my standard 5 a.m. wake-up call from the canines. I also managed to put my plane flight to good use with an epic long post, which I’ll publish this afternoon.

The NQ, having been down double digits Sunday (magenta tint) exploded higher (green tint) into a double-digit rise instead. It’s eased off a little, but the bulls have certainly won this battle again, which I guess all of us should be well used to by now. The big event in NASDAQ land is, of course, APPL after the close on Tuesday.

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Since crude oil broken above its trendline (below, in blue), I’ve kind of lost interest, but I will at least mention we’re getting some weakness now. I don’t think it means that much, since we’re merely retracing a crazy-strong breakout, but it seems that the psychologically significant $50 barrier still represents resistance, even with all the talk of Venezuelan chaos, which would shrink supply.

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