The BKX weekly has activated the 13 count but that will be active all week and does not by all means guarantee a turn around. What I do not like is that the RYDEX is even rose to a .97, which is definitely negative for the market and confirms selling pressure is due and we have to test the lows of 2002. This week might be stable though due to the expiration but the dark sight of the moon is the very likely redemption pressure on Hedge Funds and investment banks are closing their books this month for the year, which might put further pressure on markets during the next 2 weeks. The bias to the downside remains, as we need to test the 2002 lows to get the substantial rally.
Monday, November 17, 2008
BKX weekly 13 alert - market outlook
The BKX weekly has activated the 13 count but that will be active all week and does not by all means guarantee a turn around. What I do not like is that the RYDEX is even rose to a .97, which is definitely negative for the market and confirms selling pressure is due and we have to test the lows of 2002. This week might be stable though due to the expiration but the dark sight of the moon is the very likely redemption pressure on Hedge Funds and investment banks are closing their books this month for the year, which might put further pressure on markets during the next 2 weeks. The bias to the downside remains, as we need to test the 2002 lows to get the substantial rally.
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