My Market Analisys

IMO, this ain't the bottom of this puppy. Volume says so.

I'm no EW'er but Prechter is no fool and says that EW is best with impulsive moves and the DOW chart looks like we're well into the dreaded wave 3.

Which is to say there may be a OE week bounce but don't get too carried away if there is one.

lj
 
Quote from Anekdoten:

Nobody knows but a 420+ point hammer at the end of the "current" downtrend with massive amount of volume (highest in years) is tempting :)

Anek
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Go for it, use smaller size give yourself some extra room for error.
 
Watch the breadth, It would be a no brainer if we were 4-1 negative, then turned 5-1 positive today.

The day ended 2-1 negative. Tommorow is a new day.
 
It would be easier if I had other confirmations.

At this point I don't so I will pass for now, nice shape though, pretty candle.

Anek
 
Well I think wallstreet has made such a fuss about rate cuts, and just this morning some media outlets were saying Bernake made rookie mistake.

Wallstreet has sure painted themselves into a corner because they cried so loud. Now what if the economic data comes in stronger than expected.

I even saw this subject about the mortgage industry and credit on Larry King the other night.

Wallstreet investment banks and brokers are the ones who should be punished, their should be no help from the fed IMO, remember this is a free market, let the market work thru this, so they don't get a 10 million bonus this year that just they way the cookie crumbles.
 
Not much conviction from the bulls today, the overnight jam job in the futures was sold at the open. A late day sprint up was looking all right, but it was sold into as well. Dow ended up 40, naz rose as well, sp was flat.

AD 18-12 advancers, volume light.
 
Price returns to 20 day moving average. Dow Futures were up 85 points when I woke up this morning @ 5 am cst. pretty much moved in a narrow range all day, late in the day we broke a little higher, volume was weak. AD 1574-658 advancers.
 

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Quote from myminitrading:

Price returns to 20 day moving average. Dow Futures were up 85 points when I woke up this morning @ 5 am cst. pretty much moved in a narrow range all day, late in the day we broke a little higher, volume was weak. AD 1574-658 advancers.
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Circle is the overnight drift higher. What I see is a market rising on contracting volume.
 

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