LOL, Yeah I can picture it now, Judge Jerry on opposite Judge Judy. Hey, maybe you are on to something here, after all everyone is in the market right? No one is banning speech. I thought it was a wedge too but it was how the message was delivered that drew the fire.
As for the trendline, I think that line was on everyone's charts but when the indexes are up high, those low lines don't make it in the posted charts if we zoom in for posting. It didn't take a rocket scientist to connect those obvious dots......
Agree on the likely reversal although I would have like to see more volume. Here is some of what I put on our site tonight.......
...I ran the charts earlier tonight and I couldn't ask for better looking charts indicating a reversal. Everything pretty much hit my targets and then formed hammers. What didn't form a hammer made tweezer bottoms and most did it perfectly on supports to where I would be sure we are going north from here for a while. However there is always a however, the SUNW news was horrible. They couldn't have said anything much worse. After hours didn't look that bad but what concerns me now is how tomorrow's sticks will look compared to today's nice reversal patterns. If we make a lower low on the key techs and/or the NDX it could negate all the good we did today.
My plan is to play it by ear but I will likely still buy if I can get good entries in my kid's accounts. For my own account, I don't know, it will all depend on my entries and how the internals look. We may be in a situation where there isn't much bad news left for a while. CSCO, EMC, SUNW, INTC etc have all warned. All that is left is QCOM but that stock is more like a religion than a stock so even though the news releases out of China, Korea, the Euro zone etc have already warned for them, they will likely warn but the kings of denial will just blow it off and buy more. QCOM just irritates the heck out of me, it is like MU. No matter how bad things are, hope springs eternal in that bunch. When that one drops, that will be the long term bottom to buy.
Not much to say, the charts looks beautiful for a bottom here short term but the SUNW news made it not a slam dunk like it would have been. I still am biased long now though as I think this morning's drop may have been it.
Good Luck,
Lee |
