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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk
SOXL 61.76+16.0%Feb 6 4:00 PM EST
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To: da_cheif™ who wrote (43793)9/5/2009 12:03:49 PM
From: MoneyFriend_2.0  Read Replies (3) of 208300
 
could very well be the irregular flat situation here.

either friday was the fake out to the upside or wednesday thursday consolidation was the fake out to the downside.
we will know very soon. as far as i see it, friday's action was bullish but a bit lackluster in that there was no trading above 1022. 1022 is the value area for the whole week of 8/24. The action on 8/31 which was outside of 1022 was the tell to me that the singles to 995 were about to get filled. friday being able to stay above 1005 most of the day though looked great, if this can be maintained a bit longer then 1022 most likely gets accepted. i'm skeptical of these 12:00 to 1:30 eastern volume spikes we have been seeing lately though, looks like running stops while the order book is light more than anything else.

now a gap down on tuesday i think we both see as likely here, a few hours below 1007 and 995 very likely again and 980 is back in play.

i'm working with some clx inspired stuff and it is pointing down now saying there will be a few weeks before the next major buy opp.

this profile shows the whole run up from july, 980 is key here, if it gives i foresee a fast jog down to 950.
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