Like Nitro,I wouldnt call it predicting. Prepare for long or short.
On technicals & earnings think shorts look more likely on DIA family than SPY or NasdaQQQ.
Last two look real strong.
Dow About to Break Out?
- Thread starter Corso482
- Start date
Like Nitro,I wouldnt call it predicting. Prepare for long or short.
On technicals & earnings think shorts look more likely on DIA family than SPY or NasdaQQQ.
Last two look real strong.They do not all break out up to the upside. Triangles can be completions to a move and in this case, my money (if I were a position trader) would be on the short side.
To me a chart without indicators is meaningless.
I see it as a consolidation at the top.
As Jesus said,"Do not be taken by the appearance of things."
First Global's Sharma says U.S. stocks will 'crack big' ($NWX, $SOX) by Tomi Kilgore
Shankar Sharma, chief technical strategist at First Global, said recent market action suggests that over the next 12 to 72 hours, the U.S. equity market will crack, and crack big. He noted that while the major market indexes erased early losses to close nearly flat on Friday, the reversed occured on Monday. Sharma feels the networking and semiconductor sectors will be hit the hardest. The Amex Networking Index ($NWX) is currently gaining 4.9 percent and is now up 31 percent since the end of 2002. The Phlx Semiconductor Index ($SOX) is now up 2.5 percent for a year-to-date gain of 18 percent.
Shankar Sharma, chief technical strategist at First Global, said recent market action suggests that over the next 12 to 72 hours, the U.S. equity market will crack, and crack big. He noted that while the major market indexes erased early losses to close nearly flat on Friday, the reversed occured on Monday. Sharma feels the networking and semiconductor sectors will be hit the hardest. The Amex Networking Index ($NWX) is currently gaining 4.9 percent and is now up 31 percent since the end of 2002. The Phlx Semiconductor Index ($SOX) is now up 2.5 percent for a year-to-date gain of 18 percent.
Words of wisdom, I say.
Would it not then just be a series of points connected?