Bob,
Remeber, I am not yet forcasting the setting of new highs for the DOW, but my technicals do indicate that the overall market will move up from this level for the short-term.
I have to agree that it will be choppy, and will be watching for certain keys to determine the overall direction. So far, my technicals signals are still showing the short-term up. As to how much - I do not know yet. One key I will be looking at is the DRG index being able to pass 470 on the upside, and of course if any of the other major indexes are taking out their previous peaks or setting new highs.
Today's performance so far is not that promising, but I will still stick to my technicals.
I have to admit that I am disappointed - if the overall market does not drop any further and does rebound, I missed my entry point on the SOX by 3 points and the DRGS by 3 points, which would be my worse performance so far.
I realise that is contrary to your feelings, and I am not trying to pick an arguement.
I still do believe now, in light of today's poor performance so far, that the 7575 support line on the DOW will hold. It will move up before it breaks such support line.
Seeya |
