LG...LOL
you must have been a drill sargent in another life, or at the very least a cop...arrest everyone<VBG>...
ok here's the set up in my feeble mind...
we have cycle lows coming in here on or about the 28th/ to May 1st...time frame...
i looked at ALL the P&F bullish percent charts in a lot of sectors we all trade...
INTERNETS ARE AT 4%....
DRUGS AT 25%
BIOM/GENETICS AT 8%
COMPUTERS AT 14%
SEMIS AT 22%
TELEPHONE AT 12%
so what i see is we are at very oversold conditions in the entire market... in fact, i feel anyone that wanted to sell did so on the last slam a week ago...
if anyone here, thinks there was NO panic during a 600++ point drop in the NAZ in ONE day?????, they are only kidding themselves...panic was rampant in the streets..
from retail investors, fund managers et all of us...
anyway, on P&F charts, i can see we are heading lower on the COMPX-SPX-OEX-INDU etc, but i do think we'll test the double bottom and not break it..
on the NAZ 3450 is the BSL line, and the double bottom is at 3250 exact...
we have all witnessed overreactions on both sides of the isle..so anything is possible...excesses are a given on any potential move...up or down...
i think we will reach a solid bottom...and then we should wait for a REAL reversal up before we take any new positions...on the long side...
all and all, we are getting ready for as major rally here, probably right after FOMC...i would guess...with any evidence of a slowing economy, we could rally even before the meeting...
also i have to laugh at anyone that would think AG would surprise and raise .50 basis points before the meeting..geez how silly...he does NOT want to shock the markets...despite what all the naysayers think...i am amazed at the thinking of people, and where they get all this crap...i gotta think the media is the culprit...
Well here's wishing everyone a Happy Holiday Weekend...
let's get ready for the markets next week...volitility will rule.....it's sure is tradable though<VBG>..
regards OJ |
