On Friday morning the market continued its technical rally off the short-term oversold condition.
This heavy-handed optimism and skew toward overhead call open interest indicates that investors expect MGM to rally despite its poor technical picture.
The rally was classic in technical terms, as the Spyder Trust ( SPY) came very close to retracing 50% of the decline from the July highs.
From a technical perspective, this recent USD rally has not quite managed to recover 61.8% of the drop from June 7th and not even close to 50% of the drop since May 25th.
"The pattern is set for a possibly historic rally based on the technical factors I use and also based on contrary opinion--not what advisers think, but rather what the market is telling us about itself, " says Gibbons.
This market has shown itself to follow a very technical path over the course of this rally.
As congressional lawmakers debate Obama's immigration proposals, Munoz is providing technical assistance to lawmakers, seeking to rally support from her old activist friends, and readying for the possibility that the White House will send its own bill to Congress if negotiations stall.
McRae won two stages of the testing rally on his debut last year before technical problems left him stranded in the desert for two days.
On a technical basis, the day that jump-started this rally was Tuesday, October 4th when the market put in a bullish outside reversal day.
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Yet, silver could not rally, which is a bearish near-term technical clue.
Yet, copper could not rally, which is a bearish near-term technical clue.
Yet, gold could not rally, which is a bearish near-term technical clue.
When an important technical level is broken, it is important to watch the first rally.
The technical studies, as discussed below, show no signs yet that the rally is over.
The market has been flirting with levels that technicians have been pointing to as important resistance levels and should the markets breach those levels and hold them, the technical crowd is likely to climb aboard, turning what has been a solid rally into a monster.
From a technical perspective, we need to see more than a one- or two-day rally to bring us closer to the formation of a market bottom.
The fourth annual vintage-flavored on and off-road rally is scheduled to begin on Saturday, April 27 with a pre-event technical inspection, vehicle display and driver's meeting all taking place at the historic bullring in Mexicali, Baja, Mexico.
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After all, the major market indexes pulled back to (successfully) test technical support, creating a lot of anxiety among investors in the process, and the ensuing rally has been so sharp, and so sudden, that you have to believe many have been left behind.
Sentiment among analysts has turned negative, but favorable technical signals for the small-cap sector give good reason not to rule out a potentially aggressive rally.
The technical situation has been responsible for driving the market higher since April and the question is whether the rally has run its course will remain firm until August.
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After the initial rally there was a pause and slight pull back as some profit taking ensued, but after finding technical support near 1.3110 the euro is once again charging higher.
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