Registered User
Joined: 2/3/2010
Posts: 14
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Just wanted to point out a few things of which I have been aware for a while now (this is my first post here)
The markets finally ended the nonsense rise - valuations never supported it and the volume is divergent to the action - and so it is time to fall back to where it should be.
Stepping out from the action a little bit - take to the weekly frame - and take a look at the 200MA. What does that tell you?
Strong support is coming at about 9700 (DOW) - the oucome of that should tell you as a last minute kind of thing the side of the market you should be in to increase your odds at profiting.
My take is that 8500 is not out of the question in time, and lower possible although we first have to wait to see if the 9700 will hold, and if not there are a couple of minor support levels between there and the 8900 level
The dollar will tell and TA will follow. Currently the makets trimmed about 10% from their high of about 10700, and that is clearly not enough.
Thanks
B
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Registered User
Joined: 10/4/2009
Posts: 66
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people on cnbc comment on the market going one way then the other everyday. but sometimes they get someone on there that has a good idea where its going.
at the moneystream convention the other day. the speakers were painting a pretty grim picture of the future. 6 to 8 years to reemploy the 6 to 8 million people out of work. 10 years to deleverage the realestate market.
you can bet the market will come to grips with that sooner or later.
dont mean to be so gloomy but thats what they said.
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