Wow seem like I am always busy or out on the huge days. well two weeks ago I called the top one day before it happen noting all the factors were in place for this up move to end. Tomorrow I will be traveling so I wont have an eye on the market but by todays action is seems no one out there is buying and definitely getting themselves into cash.
I don't think this is the move that will take us down to 8500 area but I do think we will see lower prices here after we digest today's move.
I should be back on tuesday
Thursday, February 4, 2010
Hmmmm
Well I have been on the phone all morning and travelling tomorrow depending on the weather but I really just realized what is sending the market down today. This might get ugly in a fast way. Look at Oil, wow.
Months ago I said Europe is in problems and it will come home to investors here and we are just seeing the tip of the problems I believe in Europe.
Months ago I said Europe is in problems and it will come home to investors here and we are just seeing the tip of the problems I believe in Europe.
Tuesday, February 2, 2010
1101
1101 is my marker for tomorrow. We have to stay above that 1101 area to be bullish. 1109 is resistance
Oil Again
Oil is on the hunt again higher. People keep on waiting for this thing to break down to the $50's but it always seem to get buying in the low 70's. Staying this higher this early in the year is bullish
Busy Busy
Busy here folks- went to bed @ 3am woke up 5am and have been on the phone for the last 3 hours without a break. Will try and look for some interesting articles and post before I post some analysis. I might be travelling thursday for a few days so update might be few.
Monday, February 1, 2010
Update on BAC
There is a lot of talk here locally about BAC moving its headquarters to Jersey in coming months. It is not surprise that the southern guys have lost their hold on their prized properties (BAC and Wachovia). Don't forget I got hate mail and malice from persons I knew when I spoke about the banking disaster many months before it happened but that's not the story here. The story is in the charts, what's next for BAC and WFC (took over Wachovia).
Here is what I am seeing: BAC is trading very weak, BAC has been trading in a contractionary range down to 14.12, up to a lower high at 17.18, and then down to lows at 14.68. Notice that the 200-day moving average is around 14.60, and the 50-day is at 15.90, hmm our trading range. What must happen for us to be long this stock is a substantial time frame above the 50day MA, which will be quite difficult therefore I hold that the opposite will happen that of a break of the 14.60 for a substantial period which 'SHOULD' trade us down to the $12 level. There is a 38 Fib number down by $12.85 area on this stock so I would be looking for that level to hold before we go into a tail spin if we do
Here is what I am seeing: BAC is trading very weak, BAC has been trading in a contractionary range down to 14.12, up to a lower high at 17.18, and then down to lows at 14.68. Notice that the 200-day moving average is around 14.60, and the 50-day is at 15.90, hmm our trading range. What must happen for us to be long this stock is a substantial time frame above the 50day MA, which will be quite difficult therefore I hold that the opposite will happen that of a break of the 14.60 for a substantial period which 'SHOULD' trade us down to the $12 level. There is a 38 Fib number down by $12.85 area on this stock so I would be looking for that level to hold before we go into a tail spin if we do
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