As expected the trendline and 50 day MA was the resistance and turning point as I write the NDX is diving into the gap from Mondays trade up. After 4 days of getting no inch higher the bulls capitulate for now as they absorbed a lot of bad news but it kept coming. Especially financials which are obviously not a crucial part of NDX are retreating sharply. The stupid behaviornmofm Reps being prudent suddenly when it comes to bailinmg out the car industry for 15 bil. are a negative after they had 8 years to see it coming - thats the most pathetic part for those morons who had a chance to regulate those problems also in the financial industry. We can expect a severe downturn now for the next week and the consecutive week. The final week of this year will be dominated by window dressing upside manipulations. we discuss the magnitude of the downturn tomorrow as I need to see the close to get a better idea.
Thursday, December 11, 2008
NDX tech update - expected downturn starts
As expected the trendline and 50 day MA was the resistance and turning point as I write the NDX is diving into the gap from Mondays trade up. After 4 days of getting no inch higher the bulls capitulate for now as they absorbed a lot of bad news but it kept coming. Especially financials which are obviously not a crucial part of NDX are retreating sharply. The stupid behaviornmofm Reps being prudent suddenly when it comes to bailinmg out the car industry for 15 bil. are a negative after they had 8 years to see it coming - thats the most pathetic part for those morons who had a chance to regulate those problems also in the financial industry. We can expect a severe downturn now for the next week and the consecutive week. The final week of this year will be dominated by window dressing upside manipulations. we discuss the magnitude of the downturn tomorrow as I need to see the close to get a better idea.
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