Where do you get a double bottom from? MACD, RSI all negative and moving down. MA 7 and 21 crossed. We might see two or three possitive days before sell off continues in my books.I'd rather be carefull than irresponsible. omo
Those Bernanke puppets >> Dow,SPX, Nasdaq Indexes are seeing a little stress as price dips below the 20-day MA.The 20-day line is horizontal ( equal Bull/bear fight.)However Support is there for the Bulls.And still holding.#### Interestingly, the Russell 2000 and Semiconductors Index are still above/at that MA. 1161 support is the 'special number' on the S&P500.It must hold....or things get oopsy.Now at 1180.73..between a Big Show and a Ray Mysterio 619...anybody watch WWE wrestling ? Yes, I do,sometimes.(blush).But my old favourites Kurt Angle and Chris Benoit are gone now.These new freaks,they're scary and on drugs and stuff.Even the Girls are eerie as their bodies move but certain bodyparts stay fixed.How do they do that ?.....anyway,back to mkts.
Possible wave 4 now , if closes below 10896 and then turns, will confirm wave 4. I will wait for wave 4 confirmation before going long. Same pattern for AGL. My strategy based on a possible short-term downside and then probable continutaion of the bull trend....
Howzit Russ ! still waiting at the AMS starting-gate R650.You ?## Rams, you may be onto something(heh).All I know is,I watch the Fans. Reminds me of Rome and the Circus Maximus.I doubt any in that crowd know what a PE ratio is."They jus wun theaa Ennnertainment.Yahoo !"### John Cena is my Favourite now.Biggest Bombs(natural arms) I've ever seen on a Biped.
Double bottom's, head & shoulders, etc are all only reliable when the neck line is broken - i.e. when the pattern is confirmed - or so the conventional trading wisdom grows. You should always expect some kind of resistance at previous lows. Think of it this way - On the 17th, lows were reached on the dow. Then we pull back. On the 23rd, the same lows were reached and all those still holding short positions prior to the 17th, see a new opportunity to exit. So most likely, the rally yesterday was short covering. A strong close above 11200 during us day trading, to me would indicate a long entry. More importantly, on our own front, rand is weakening, metals prices are consolidating, so I would still not be betting on much more of a correction. The market, in my opinion has brushed off the Eurozone debt issues like it was a fly. Now let me make my point as clear as possible, I am not saying we won't have more downside - probably we will, I am simply saying I wouldn't bet it.