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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

SOXL 44.18

-0.1%

Dec 26 4:00 PM EST

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To: TheStag who wrote (76555)	10/1/2012 9:07:19 PM
From: Joseph Silent	Read Replies (1) of 207475

This may (or may not) make sense to some, in simple language, based on a long term view of the SPX. The SPX has had a kind of backbone support line since about 1986. It was tested and the backbone broke in the '87 crash but was fixed by '89. It supported the market until it broke in the '08 crash. We tried to recover it in 2010 and failed. Tried again in 2011 and failed. We tried in 2012 (the 1475 hit) and failed. Unless 1475 is a time-consuming top (and I don't think it's a top), we are going to try again. I hope the fourth try is not a Charmin. :) At 1440 we are approx. 100 points below where the next interesting action (I think, from geometry) is going to take place. Time will tell.

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