SOHU, CHK, TIE.....

They continue to work their way up. SOHU.....continues to carve out the right side of a BIG BOWL. As it meanders its way back up to $50 again.....this will be the real test. It is likely ready to break up through $50 this time. Remember......the Asian markets are MUCH stronger than the US equity market. And they should be. Their banks are much better capitalized......and their citizens are LOADED in savings which can spur economic growth.



CHK....I noted a few days ago it was due for a pullback from $20ish resistance. It did pull back to $16.50ish. I really thought it would pull back further......but $16.50 was the first support area. We'll see if the gap formed today will hold. If it does......then it's back up to $20 resistance. Will this be the time it pushes through $20? It just may be. By the time it is knocking on the door of $20, the US dollar may be falling through its bearish wedge, which would help the commodities move up (like CHK and TIE). Fundamentally AND technically, I continue to like CHK in the intermediate AND long term. Same for TIE below. In fact, I like most "fungible" commodities because of growth in Asia and Latin America (oil, grains, most metals).


TIE....continues to work its way up. Again....if the dollar will fall some, this will help it even more.


Bull/Bear ratio is at .82 so again......this rally (which HAS turned out to be an intermediate term rally).....has additional fuel to go before it runs out.


Have we seen "thee bottom". I doubt it. Unless a trailing 12 month PE of 50 is normal at the end of a severe recession. Which it isn't (at least it HASN'T been over the last 100 years).