Market commentary for 02/12/2009
Good day!
NOTE: about next 10 days my site will be at http://www.pop35.com.hr/ I will be there until my official site will back (they said about 10 days). Thank you all for understanding.
Move – rest – move (?). That is possible scenario for today. We had move after senate news. Yesterday, after trend day indices stared with rest, and if they will break under Wednesday low that will be signal for continuation pattern and we will look again for another move. Since consolidation was at lows. Odds for selling continuation increase. On the DIA and the SPY chart we can see possible cup and handle pattern if handle will hold. The QQQQ is again something different and stronger then others and started with possible rounding bottom. Not much to say about Wednesday action, it was classic base after trend day. You know that I’m defensive last days, but if continuation pattern will be entered I will back in active mode for trend continuation. If indices will bounce then I will again watch aside to see when daily pattern will be broken. For now all saying that selling will continue and I will stay with that direction until indices will be under 20sma 60 min. If that will be broken I will change mode to neutral (again).
Good day!
NOTE: about next 10 days my site will be at http://www.pop35.com.hr/ I will be there until my official site will back (they said about 10 days). Thank you all for understanding.
Move – rest – move (?). That is possible scenario for today. We had move after senate news. Yesterday, after trend day indices stared with rest, and if they will break under Wednesday low that will be signal for continuation pattern and we will look again for another move. Since consolidation was at lows. Odds for selling continuation increase. On the DIA and the SPY chart we can see possible cup and handle pattern if handle will hold. The QQQQ is again something different and stronger then others and started with possible rounding bottom. Not much to say about Wednesday action, it was classic base after trend day. You know that I’m defensive last days, but if continuation pattern will be entered I will back in active mode for trend continuation. If indices will bounce then I will again watch aside to see when daily pattern will be broken. For now all saying that selling will continue and I will stay with that direction until indices will be under 20sma 60 min. If that will be broken I will change mode to neutral (again).
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