Tuesday, April 14, 2009

Topping Patterns





A nice selloff like we haven't seen in a while. Might be about time to see a deeper correction get a hold of this tape. I think at this juncture both bulls and bears want it. Now, watch carefully and see if Bad News IS Bad News again. For while we were seeing bad news become good news. Reaction to news and new earnings will tell the tale.
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5 comments:

  1. AnonymousApril 14, 2009 at 3:53 PM

    Isn't the $NYA chart an ascending triangle which typically will breakout to the up side?

    ReplyDelete
  2. StewieApril 14, 2009 at 5:17 PM

    hi anon: NYSE chart is more preciously called a rising wedge. check out this link: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:rising_wedge_reversa

    typically a ending pattern in an uptrend.

    ReplyDelete
  3. StewieApril 14, 2009 at 5:17 PM

    link:

    http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:rising_wedge_reversa

    ReplyDelete
  4. ptgApril 15, 2009 at 5:04 PM

    I said earlier that Thursday was the time to go long. Well, I was wrong. Today was obviously the day to go long. Not too late though. Tomorrow will be strong up day after a dip.

    ReplyDelete
  5. StewieApril 15, 2009 at 6:33 PM

    ptg: check out my latest post. i am with you 100%.

    ReplyDelete