Wednesday, January 27, 2010

Look Out Below: We Got Bear Flags


gamingthemarket said...

QLD is at a one year linear regression low. There are a ton of names at 1yr lows right now. Getting 2100 on the Naz is a two sigma move. The Oct. 2008 crash was a two sigma move. Unless something fundamentally different is under the surface, probability favors a rally.

Stewie said...

i am starting to think the same thing GTM. feels like a rally/short squeeze is brewing.

seeer said...

Two things.
1. IMO you should take a look at the 100SMA sometimes because it can be a very important support just like the 50SMA and the 200SMA, these 3 SMAs give structure to the market IMO (look the angle of the SMA and not the exact price of the SMA).
2. however right now the momentum is very bearish in my eyes so I won't buy this dip here. I would buy here on a second backtest of this support.

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