Sorry for the sizing of this chart, I will work on this. Ok I'll make this quick, time to sell this market was the double top at the 12,700 area. This was a textbook double top and an easy short down to the 12,246 level. From here the next support areas to look for are the following: 11,990 (which is unlikely to hold) next stop would be 11,572 which is the low made this year, from there is nothing of any real support till a double bottom that was put it between 6/13/2006-07/18/2006. That number is 10,691- oh that one is going to take a good chuck out of the baby boomers 401K. So have fun with the next 1000 points, as I told a good friend of mine (Lou the options trader) early this year, dont forget Bear markets have sharp rallies to the upside and see you at 11K ( now I'm thinking of lowering this eastimate)
The information provided on http://www.simekspeculation.blogspot.com is for general informational purposes only. This information is not intended as investment advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security, or fund. You bear responsibility for your own decisions and research, and should seek the advice of a qualified securities professional before making any investment.
No comments:
Post a Comment