If we double bottom around here and bounce for several days, then we will put in an “MA” pattern with the “M” already being formed and the left side of the “A” being the rally back up This is a very bearish pattern, as the right side of the “A” is usually twice the length of right side of the “M”. If we don’t bounce up to form the left side of the “A”… well let’s just say that picture isn’t pretty either.
Good point; everyone forgets printed money was driving the market, and ONLY printed money. Look at IBM. That garbage has been running on QE (dollar destruction). The revs just BARELY broke 2008 levels and the stock price is now 40% over 2008 levels. We all have to keep in mind that we are still in WTF-land.
debt ceiling does have a negative effect on the education sector. the twin support at 116, might be the long.
http://zstock7.com/wp-content/uploads/2011/07/STRA-8-1.jpg
If we double bottom around here and bounce for several days, then we will put in an “MA” pattern with the “M” already being formed and the left side of the “A” being the rally back up This is a very bearish pattern, as the right side of the “A” is usually twice the length of right side of the “M”. If we don’t bounce up to form the left side of the “A”… well let’s just say that picture isn’t pretty either.
You are right Leo. It seems swimming is not an option.
SPX Near weekly support line: http://niftychartsandpatterns.blogspot.com/2011/08/s-500-near-weekly-support-line.html
However, lets not forget about the One Billion Dollar bet on the US being downgraded…. meaning the bounce we are looking for might not happen?
Today could be the day that the real bounce in the market starts? As in “that wave 2 up” that we never had yet.
what effect is that? student loans?
http://rocsinvestmentaccount.webs.com/
Good point; everyone forgets printed money was driving the market, and ONLY printed money. Look at IBM. That garbage has been running on QE (dollar destruction). The revs just BARELY broke 2008 levels and the stock price is now 40% over 2008 levels. We all have to keep in mind that we are still in WTF-land.
Yeah when the HFTs take over……can you say BANK HOLIDAY?!?
BWAHAHAHA!!!!!!!!!
debt ceiling does have a negative effect on the education sector. the twin support at 116, might be the long.
http://zstock7.com/wp-content/uploads/2011/07/STRA-8-1.jpg
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