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Market Rockets Back

Posted by btr Tue, 28 Oct 2008 23:17:00 GMT

All major markets rocket back over 10% today. A lot of short squeezes probably. I don’t believe that there’re so many longs that couldn’t wait and jump on the buying spree.

On the monthly chart of Dow Jones Industrial Average (INDU), you can see that we’re approaching previous low, which occured 5 years ago. Have we reached the bottom yet? Not sure, but we might be near the bottom judging by the previous low, which is the current support level.

The looming global recession is on everyone’s mind, so it’s possible that the support may not hold. There will be many ups and downs around that support. We can certainly play longs at the support level and shorts at any rally near 9,500/10,000 zone. The markets are currently in oversold condition and volatility will remain high as seen in the past a few weeks.

On the 3-month daily chart, INDU is moving away from the oversold condition. If we don’t see a follow through on this snap back, the downward trend will continue. 8,000 looks like a good support for now and the more fight between the bears and bulls around 8,000 the stronger it will become. If the downtrend continues, 7,500 is the next major support to watch.

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Dow Jones Industrial Average 11% Bounce

Posted by btr Mon, 13 Oct 2008 23:28:00 GMT

Dow Jones Industrial Average bounced back hugely with more than 11%. It reversed the dramatic slide in the past weeks, but the downtrend line is overhead right now. It would take some time to work it out the resistance or another drop is more likely after hitting the downtrend line.

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Melting down ...

Posted by btr Fri, 10 Oct 2008 02:18:00 GMT

The melt down continues. We have broken 9000 level. Looking back 10 years, the support level is around 7500.

Dow Jones Industrial Average is at oversold condition, but with current credit crisis still spreading and running its course, any technical bounce is possible but would not last long.

Unless you have significant cash positions, wait in sideline. Cash is king in this juncture.

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Crash tomorrow???

Posted by btr Tue, 22 Jan 2008 05:57:00 GMT

US market was closed due to the MLK holiday but the other markets in the world had closed down a lot from 5 to 7%. Asia markets are down more than 5% the second day. How will the US market react? Unless it’s prolong decline, it might be a buying opportunity. But be carefuly the old saying “don’t catch the falling knife!”.

Dow Jones Industrial will break the 12,000 support for sure. Next support is 11,500.

Be careful tomorrow!

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INDU reaching support area

Posted by btr Tue, 27 Nov 2007 01:23:00 GMT

Dow Jones Industriral is moving towards its support areas. The first one is around 12,700 and 2nd one is above 12,500.

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It's getting ugly now

Posted by btr Sat, 04 Aug 2007 01:49:45 GMT

The reversal we were talking about came after all.

13,000, well a round number, is the major support. We will see if Dow Jones can hold itself, but the drop today is ugly.

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Dow to reverse?

Posted by btr Sat, 07 Jul 2007 01:55:00 GMT

It’s forming a triple top, likely reversal?

However, QQQQ broke out but the lighter than average volume makes the breakout less convincing.

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Dow Jones Industrial approaching previous high

Posted by btr Tue, 17 Apr 2007 04:00:00 GMT

It will have to test the previous high first. We might see a breakout from this ascending triangle. So the resistence is at 12,845 and then 13,000 if it breaks out.

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Uptrend broken

Posted by btr Thu, 01 Mar 2007 03:16:00 GMT

Dow Jones Industrial has broken its uptrend line. It will likely test the major support area at 12,000.

Tuesday’s big drop was the first in a few years.

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2006 Year end review

Posted by btr Sat, 30 Dec 2006 18:25:00 GMT

In 2006, RUT performed the best followed by INDU and S&P 500. QQQQ recovered the 10% loss from the mid-year and ended up more than 5%.

Both QQQQ and RUT are in the overhead resistence levels, only INDU and S&P 500 broke out. INDU is at all-time high and S&P 500 is about 100 points away from its all-time high.



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