Category Archives: Fibonacci

Fib Containment

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Crude oil’s strength has been contained (so far, at least) by our friendly local Fibonacci line whose level is $45.14. The high for this session for crude oil………$45.15. If it holds, cue spooky music. If it’s breached, cue eye-rolling. UPDATE! Cue eye-rolling. We’ve breached the level. It’s no-man’s-land at this point.

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Crude Bounces to Retracement

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As expected, crude has been fighting its way back, and this morning it made things easy by nailing retracement perfectly (see green tinted area). I guess the chatter about a new OPEC meeting (remember those?) gave things a boost. I’m staying at a distance, however, since I think strength to the next level higher (about $45) is still possible, as the meaningful topping pattern (magenta tint) is still one Fibonacci level higher.

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Crude Fib Bounce

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First off, I must complain mightily to the market gods: Kuroda disappointed the market. The USD/JPY is collapsing. It wasn’t that long ago this would have meant a huge selloff in equities. How about today? Well, we got a little weakness at first, but now – – nope. ES green. TF green. NQ green. Tim’s stomach……green. Nothing is bringing this market lower. Nothing.

I lightened up swiftly on energy shorts this morning, because even though crude was down about a full percentage point (yet again), it tagged its Fibonacci retracement, so I figured it was time to scurry away.

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Bonus Image: the pure, sinless future head of the world (which is what last night’s pure white pantsuit was all about). (more…)

How Do You Like THEM Apples?

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Well, now that I’ve recovered from the 20 minutes of the DNC I watched tonight (including Earth’s Worst Rendition of “Bridge Over Troubled Water”), I thought I’d toss one last post into the hopper to end the day: Apple. They report after the close tomorrow, and I’ve got a big short position in them. My view is that Fibonacci is going to act as a wall (green tint). We shall see. G’nite.

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