3 replies to this topic

[tommyt]

We have rallied up into the first real resistance zone, 13400-500...and about the 50% retracement level. I liquidated remaining longs on the open, and am now flat. A small pullback next week, and then probably higher. There is a roll underway, out of previous tech leadership and into financials. Mr. Market should be OK for the balance of the year.

http://stockcharts.com/c-sc/sc?s=$INDU&p=D&b=3&g=0&i=t31807817519&r=3237.png

[hiker]

will RSI continue to find support at 50? it was wishy washy on that initially during Aug recovery...how often do we see V bottoms like this one and the one in Aug?

Edited by hiker, 30 November 2007 - 02:52 PM.

[ogm]

If you pan out on that QQQQ chart.. it still looks like a bear flag. Goldman was bashing big techs today, and RIMM got hurt by Piper, something isn't adding up in the sector. If the horsemen start rolling over. from their broken weekly parabolas... market may not be so good tiull the end of the year. Either way, this is a tough market to call. Too many conflicting signs.

[selecto]

I have hedged to neutral this afternoon. Although I favor the long side, I do not want the boyz' shenanigans upsetting me Monday morning.