THE DOT - if this turns orange or red be alert

Wednesday, January 14, 2009

SPX tech update

This weeks price action is getting very clear in its message as the 850 support was taken out with a flood of bad news. We will have to retest the lows already in the near term and very likely even produce a bit lower new lows to create a bullish divergence before a even stronger second sucker rally can develop. The first one was anyway mostly engineered over the holidays and as most of the times than people who never predicted a toıp suddenly know where the lows are and the talking heads get excited about that its usually does not happen. The pathetic approach to call this market cheap is again a shameless campaign to fool the people with phony statistics. Thanks to phony promises that Obama will create 4 mil jobs and plenty of new printed worthless money thrown into the economies around the world soon will likely have a big sucker rally starting early Feb but rather developing the weeks thereafter into the next quarter. The current down move will last another 3-4 weeks to complete the counts and approach the required levels.

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