Berney; RE:" Up, Periscope "
The business of investing
Must be pursued
If not with profit -
At least
Without Discomfiture !
Now lessee here, TraderBerney - if we do something like what we did back in October when we did this before (deja-vu, all over again)...
...tomorrow should resemble something like a shooting star, spiking up to say, OEX ~501 (~508, tops) and selling off from the session highs. Thursday sells off, and Friday is volatile, ending up somewhere around 486-492 at the end of this week. Where ever it closes at the end of this week will turn out to be really important as a reference, whatever happens next.
Then next week, another rally up to the 200d EMA area, another sell off... continuing into the week after, perhaps; re-testing 486-492 support or, if there is some really stinky news, even a re-test of 465-475 as in a double bottom or something.
Different sectors lead the advances and declines in turn, some trending down, some up, some just going sideways - but all of them just bouncing up and down in waves. This persists until mid-November, when the market tanks, tests the 486-492 (or 465-475) support for the last time, then (probably after Thanksgiving) goes up, up, up in a new bull channel.
OR - we diddle around here for, say, three weeks; and then Japanese Banks do something really, really scary, and we go down (w-a-y down) to OEX ~360 or something.
Just speculating (^_^) If American employment/disposable income goes down, I can make a good case for a Global Depression, persisting until '03 to '04.
-Steve |
