Steve,
I actually was answering this post timely when aol cut me off. After it was lost, I didn't get to recreate it. Now, it saves me from any prognosis at the top, when we were once again jubilant, and forgot all the variables that apply to this "wild animal".
Support, as evidenced today is at 72+, where the 50 dma (72.5588) sits just above the 20 dma (72.2031). This should be significant support, but not sufficient to support a panic brought on by rumors of a Brazil recession, which I saw on a trading thread this am, by one suggesting a good play was to short Brazil. My thought was that Brazil has been in recession for 6 months! Of course this was true last week when the anticipated breakout broke down, but the better move was to buy at this support level this am, not sell. Who could possibly have anticipated this if they knew all the extrinsic evidence, but perhaps if one was going on a pure t/a play. Got to run, but upside is 95-96, thought downside is bleak. Remember we never went back and tested the support at 49. Good luck. |
