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Monday, March 16, 2009
Scanning Thru Several Dozen Charts Tonight
The following words come to mind: sloppy, fragile, counter trend, messy, weak bases, pathetic. You get the idea. I highly doubt this rally has too much more to run. Maybe a couple more days of floundering around currents level before we rollover and start a retest of recent lows. We need to see more PAIN before we can be more confident that a mutli week rally can take shape.
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- SPX Falling Wedge Still Holding
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- Scanning Thru Several Dozen Charts Tonight
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- Stopped Out Of FAZ For a $2.98 Gain.
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2 comments:
That interview with Bernanke last night is getting media attention this morning for his statements on a possible end to the recession around the end of this year. That should give us a nice, morning pop on the financials.
I doubt it will last the day, either a low doji or red candle today for Indices, FAS.
(But remember, I'm the local 'contrarian indicator' :P)
mrkts cannot run very far if they do not have a solid foundation(big strong long bases) to launch from. I am eyeing FAZ for a possible secong hollow candle today or second reversal candle of soms sort. as always, i will be ready to do nothing if i feel the mrkt wants to run instead. i do not feel comfortable buying at these elevated levels. will be very interesting, best to let the first hour tick awahy without doing anything. if i was to take action, i'll long FAZ.
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