Crude down to 113............ then what?

I have started the day again without electricity - thankfully when I had a few hours of electricity yesterday - I recharged my laptop and here I am. Market did not sink as much I had thought it would yesterday. Why was it so? I do not know but for sure it was good. some brakes remain to be healthy for a continuation upwards - also this dance may continue for a few days like the stalemate between the bulls and bears we saw on Aug 6th, 7th and 8th. A few points (Hic! hundred) after 7-800 point rally should not scare anyone - or should it?

The world markets were down in the dumps - Europe being more flattish - FTSE down 0.13%, DAX down 0.36% and CAC down 0.44%. It is US that was down on financial concerns - S&P 1.2% in red, Nasdaq down 0.38% and Dow down 1.19%. Asia morning opening becomes even more worrysome with Nikkei down 2.23%, Hang Seng down .98% and Strait times down 0.97%.(as I write). That makes our opening a certain red. we too may open and remain in red for the day - may I say again we may show some recovery towards the afternoon - though green is a remote possibility it may not be totally ruled out.

On charts the black candle could not negate the gains of the previous day so that's not bad - only thing is that the RSI has started to look down and slow stochastic is certainly showing bearish signals. The bollinger band is howing the signs of contraction (most trend changes happen when it narrows down). MACD on the other hand is still good. Mass index does not show trend reversal but has signalled stopping of present run up. TRIX remains bullish. Jaggu's TRIN says bearish.

Gorgia situation has improved and the crude is around 113$. so far there is nothing to worry but if the down trend gathers momentum then please be ready to abandon the longs that you might have been holding on to and we may get time to enter longs once again at lower levels. Best of luck and pray that my system is online with the electricity restored.