1 reply to this topic

[SemiBizz]

http://bigcharts.mar...&mocktick=1.gif

Posted Monday:

We should get a retracement rally from here to the range area I quoted on Friday of 2591-2603. Now depending on volume we still have room to move higher from there... however I suspect 2603 will be it,

For tomorrow... I'm expecting a test of 2603 and then another down leg to begin, but there is no reason that we HAVE to test it although it does represent a pivot and the .618 of the last move down... Today was classic C pt action on light volume... and as I have noted many times light volume allows for inequities in price as operators are able to manipulate stock prices with a relatively small commitment of funds.

So.. Like this:
A - 2644
B - 2537
C - 2603 (pivot & .618)
D - 2496 (target)

There is one alternate scenario I'd be remiss to mention and that would be another test of the 2619 pivot from 1/3/01. Already been tested and rejected though so probably not.

The daily chart signal is still on a sell... we're building cause to test the 8/16 lows.

Edited by SemiBizz, 11 September 2007 - 08:19 PM.

[arbman]

There is still higher risk for another week or two, but the Aug lows should hold, it is a buying opportunity at least for the next few weeks, if it comes lower until the FOMC. The 10 wk low later in Oct will tell us more, but the brokers have negotiated incredible deals over the past 4-5 wks. If the indices manage to go higher later in Sep (higher high than here), then the downside risks (lower than Aug) will be minimal until Dec...

- kisa