Crude Oil is crashing, it could reach $35 level says Joe Friday

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Around 60-Days ago the Power of the Pattern suggested that the "most important commodity on the planet" should be on its way to $70 zone if the bottom of the pennant pattern broke support. (Post Here) 

Well 64 days later Crude Oil has broken the bottom of the pennant pattern and Crude has hit the $70 target level this morning!  Above you can see that two "potential support" points (channel support and Fibonacci 38%) meet at the $65 zone. 

I have been suggesting to members two things over the past few months. Crude Oil should be shorted and it could reach these levels and it would end up impacting the stock market in a negative way. I have been right on the trade and so far very wrong on its global impact.

Joe Friday says.... If support line dating back to the late 1990's doesn't hold, the next important channel support for Crude comes into play around the $35 level. 

In my humble opinion, this is not only a critical support test for Crude, its a test for the macro picture as well! Should Crude bust through support and find itself working toward the $35 level, I would be shocked if it doesn't end up impacting stocks in a negative way and send a message, that the world is slowing down.

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Black Friday finally takes place for Mastercard & Visa!

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Black Friday is fast approaching, are you ready to spend some money? Thinking of spending and Black Friday, credit cards came to my mind. Even though the S&P 500 finds itself at all time highs, Mastercard (MA) & Visa (V) have struggled to move higher, the majority of 2014.

Of late both stocks are now back in the black, as they both remain inside of rising channels and have broken above resistance (highs) hit earlier this year.

Wishing each of you a Happy Thanksgiving and a wonderful Holiday Season!

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Dow Theory “Breakouts” to be Thankful for!

 dowtheorythankfulbreakoutsnov26

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What are you "Thankful For?"

 

This is a great time of year to count our blessings and become more aware of things we should be Thankful For.  I am Thankful for many things, too many to list and bore you with right now. I do want to share a big Thank You for your viewership of  this blog. For those viewers that are members, Thanks again!!!

When it comes to Thank You's and Theory, why did the Dow Theory come to my mind? What does Dow Theory and Thankfulness have in common???

'DOW THEORY' - A theory which says the market is in an upward trend if one of its averages (industrial or transportation) advances above a previous important high, it is accompanied or followed by a similar advance in the other.

Each of the Dow Index's above are breaking above some form of resistance, which is something the bull's should be Thankful for!

I wish each of you a healthy and Happy Thanksgiving and Holiday season.  Chris

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