Well,
Another day another trend. As long as you use a 10 minute chart!
The longest trend from low to high has been 6 days. Oil stocks are starting to get a bid. The gold breakout this week couldn't be more timid.
Friday's bizarro world. It is an amazing time to be an investor. Amazon misses with a P/E of 290 and the stock goes up.
Apple with a P/E of 13 falls 5% on an earnings miss and 3 year earnings growth of 78% and sales growth of 60%.
Remind me when we should start trading off the fundamentals. Promise me you'll go look at those two charts and see if they resemble the fundamentals.
The Energy sector appears to be trying to make a move. Suncor looks stronger than CNQ but maybe both of these will get out of the doldrums. They have been 50% off last years highs.
Good Trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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