If you’re a bear, you are going think this post is noise. If you’re bullish on the market right now, these charts are going to look like gems.

As you can see in the charts, the 21 day exponential moving average is shown as support in all of these charts.

Today was a great day where the NDX pumped out a 3.5% gain and the RUT did 2.4%. UWM did a similar gain. The charts below show that the market was at crossroads, but the action today although not the final straw, was very positive price action to save the technical picture.

My USO short/oil short call started today oil cracked lower and now its becoming news about a trend that might be changing. This one could go on for weeks. USO puts were up around 8.5% today, but I just checked those June 105’s are only up 2% now. I think oil has more room to drop.

Bought ABAT today. Sold EWZ. EWZ is not acting well.

Still heavily positioned long and enjoying the bounce off support.

If you like this post, check these out too

• May 19, 2008 -- Scored Some Ka Ching With A Morning Short
• August 14, 2008 -- Waiting Before Jumping Long
• July 11, 2008 -- Gold, Oil Moving, Brazil Thanks For The Gain
• May 12, 2008 -- The Oil Short, The QQQQ Calls, and CPST

Thanks for reading

Want to know when I post again? Subscribe to the StockRake feed: .