Ed Downs of SignalWatch commented yesterday that the Dow was very likely to test critical support at 8,000. And indeed, Ed Downs called it correctly.
Today, Ed commented, "This is basically the third test on these lows since October, with each successful test leading to a massive upside reversal."
We post his comments on the DOW Industrial Index nightly, he also has a Subscription site, which includes Nasdaq and Trade Signals.
COMPLETE w/charts
signalwatch.com
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Most nights Paul Shread, Certified Technical Analyst can be found posted on our board with his special intelligence gathered ideas, usually with a special skilled knowledge lead analysis, tonight is not different:
Quite a recovery today. About the closest precedent in this bear market was the mid-January low (see first chart below), which wound up holding for a very choppy six months.
Will this low do as well or better? Time will tell, but there are a number of positives to build on here.
For starters, we broke a much bigger trading range here before reversing back up; that could encourage some follow-through buying and help cement the low. But now we need to see that follow-through buying show up. The next couple of days could be critical, as redemption requests hit hedge funds tomorrow and traders see what comes out of the G20 financial summit.
But regardless of how the next few days turn out, the economy is facing significant headwinds, and it would be surprising if any stock market recovery didn't reflect that.
COMPLETE w/charts
internetnews.com
"Stocks Soar Despite Intel's Woes" by PaulShread
internetnews.com
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TurnUp (d)into(e) and MajorMoves Comments for 11/13 by Chi2
siliconinvestor.com
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