Morning Teresa
what a week eh?..gee whiz..relentless selling continues as the sellers win the battle...and what a battle!!!!!...
no less than 11 indexs that i follow broke P&F support on Fri...amazing...
i'll just mention a few<G>....
DOW/INDU...breaks 10,600 in a triple bottom break, it's heading to 10,300/350 area first..may rally back up into R, then come back down later this month to 9800...
COMPX...broke a double bottom at 3500, and looks to head south 3200, and then 3050ish...
NDX...breaks a triple bottom at 3500, reversed up one day then tanked again to test 3300, we'll break that and head to around 3050ish and then after a brief rally, move down again to 2900..the QQQ will follow for sure..it has the exact same pattern..
SOX...DOUBLE BOTTOM BREAK
BKX..A BREAK OF 840 TAKES IT TO 790
IIX..450 BREAK TAKES IT TO 380
OEX..750 BROKE A DOUBLE BOTTOM
SPX..A TRIPLE BOTTOM AT 1415...HEADING TO 1365ISH SHORTLY..
so despite all the FED's tightening work, it has done little to slow this economy very much, and thats what just spooked the markets again...
instead of the recession, rate cut senario, we are now back to..uh oh, rates hikes??? again??? oh no!!!!!
heck the consumer hasn't stop spending much...i asked my wife<VBG>...retailers are having some problems, but it won;t stop the Xmas spirit much this holiday season...
i have been saying for 2 months now sell all rallies...till we see the whites of their eyes...nothing has changed that for me at this juncture...nothing...
and T, i think any rally in front of earnings this month will be met at some point with lower numbers for all those indexs above later this month and into early Nov...
this is where we could contemplate taking longer term positions in beaten up big cap techs and semis...they will ultimately lead us out of bondage<G>...
the buy and holders of the world are getting battered...in our IRA's and 401 K's...seems to me we need to be timely to sell these portfolios, once maybe twice a year or so and not stand in front of a train wreck...
it never ceases to amaze me how the seasonality of these markets continue to provide, both selling and buying opportunities each and every year????
like wow!!! history does repeat itself over and over, again and again...wonder if we humans have a flaw somewhere, that makes our trading clocks go haywire 2 times a year<VBG>...
anyway...i am enjoying cool temps here now in the east, bet it's starting to get colder where you are???<G>..
please say hi to the family...
regards
OJ |
