The market hold on the daily 9 counts as indicated yesterday and defended the current support levels which was likely for now. The missing part is though that we could not complete the 13 count yet for the BKX but that will come next week I assume. The strong part besides financials with a valid fundamental background is the Oil complex as the low settles in. The little inaugurating rally is due soon but with little upside scope though. Anything above the downchannel resistance would be a surprise right now. Only after hitting the new lows that might be possible. People are again carried away by hope as the facts especially in the financial area are unbearably bad. Neither Obama or anyone else can stop the bleeding all they can do and already do işs to print money which has no value basically to cover the losses but that will come at an expensive price later this year.
Wednesday, January 21, 2009
SPX tech update
The market hold on the daily 9 counts as indicated yesterday and defended the current support levels which was likely for now. The missing part is though that we could not complete the 13 count yet for the BKX but that will come next week I assume. The strong part besides financials with a valid fundamental background is the Oil complex as the low settles in. The little inaugurating rally is due soon but with little upside scope though. Anything above the downchannel resistance would be a surprise right now. Only after hitting the new lows that might be possible. People are again carried away by hope as the facts especially in the financial area are unbearably bad. Neither Obama or anyone else can stop the bleeding all they can do and already do işs to print money which has no value basically to cover the losses but that will come at an expensive price later this year.
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