The SPY dropped like a rock the last 5 days of trading and we see it in the RSI as it has dipped into bearish country. Clear down to the 37 level because of the huge hit it took yesterday when it dropped almost 200 points.
The SPY pushed through the middle band, and for that matter way through the lower band. I have not seen a push through the band in such a radical manner in months. When this happens one knows that it is unexpected to move this much. It should increase volatility.
The bearishness of the SPY is very easy to see. We are not sure if the bottom has been reached yet or not. We would like to watch the MACD Histogram to see if it is going to carry through to a lower position. If it does we may see the MA’s move through the ‘0’ point intt bearish territory also.
After more than a century ripping out its insides to supply coal to the rest of the country, the heavily mined and polluted province of Shanxi in northern China is in the midst of a gas boom.
Gas output from the coal seams is rising fast and is set to hit 8 billion cubic metres (bcm) this year, up a half from 2011 - emerging from nowhere just six years ago to provide China with a cleaner, home-grown alternative fuel for the future.
China is investing 100 billion yuan ($16 billion) to double output again by 2015. Beijing wants coal seam gas output as high as 30 bcm by 2020, which would be 15 percent of China's total gas production, up from 5 percent of the total last year.
Stock futures pointed to a higher opening for equities on Wall Street on Wednesday, with futures for the S&P 500, theDow Jones and the Nasdaq 100 rising 0.1 to 0.3 percent.
The rise would be a turnaround from Tuesday's more than 1.5-percent slide, the fifth day of losses running and the S&P 500's worst performance since early December.