n the ever collapsing market since nasdaq 5200, we have had one very good period, which lasted throughout the
summer. We hit a low on 4/14 of 3321 and then after a decent rally, dropped to 15% lower on 5/23. After that there
was a powerful move to 4250 and then a pullback and second rally creating a double top at 4250.<<
double Top formed at 4250?? Well i disagree with this pattern you mentioned, i hope that's ok with you? The pattern i have is a huge H&S , 4250 is where the right shoulder was formed. I have the same pattern developing on the S& P 500, right now forming the right shoulder and i think she's going next. Once these markets do bottom out, i think they stay flat, go to sleep maybe for a long time. I still think selective energy stocks will do well gas exploration, Natural gas and some utilities, and not these speculative alternative energy stocks , i wouldn't go near them. Gene i'm going to allocate more into hard assets and others and maybe look at Europe. I think paper assets and our dollar have peak for some time. The energy problem is not going to disapear, nor our large trade deficit i think it'll be with us longer than what most people think and it'll get worse. Time to really reevaluate. I sold my financial stocks, i think they have peaked for now. The compx, Spx could easily decline 50% from here, imo. |
