The NDX weekly challenging the flag support which will eventually break as all markets need to go lower short term. The question is rather does it break immediately and the odds are bad as the SPX is below 800 with a gap if that stays as of today's close the capıitulation trade I was looking for is on. In NDX terms a close below the flag on a weekly basis would give a magnitude of 200 points down to our target zone around 1000. The BKX has almost reached the target area of below 25 but that can play out for a few more days. The only thing which did not work out was the brief dip below 40 in the VIX which I was looking for before the move up to 60 started. The problem is with the new administration they make too many rookie mistakes rowing back and forth with their ideas and making too many phony promises. To their credit one has too say that they at least try as the Bush administration was in pure denial or rather negligence of the problems. The market is starting to take away the new administration credit as they see them performing on a daily basis. Geithner is completely the wrong guy for this post as no one on wall street takes him for serious and eventually he has a poor performance back from the Bush administration.
Tuesday, February 17, 2009
NDX tech outlook - market update
The NDX weekly challenging the flag support which will eventually break as all markets need to go lower short term. The question is rather does it break immediately and the odds are bad as the SPX is below 800 with a gap if that stays as of today's close the capıitulation trade I was looking for is on. In NDX terms a close below the flag on a weekly basis would give a magnitude of 200 points down to our target zone around 1000. The BKX has almost reached the target area of below 25 but that can play out for a few more days. The only thing which did not work out was the brief dip below 40 in the VIX which I was looking for before the move up to 60 started. The problem is with the new administration they make too many rookie mistakes rowing back and forth with their ideas and making too many phony promises. To their credit one has too say that they at least try as the Bush administration was in pure denial or rather negligence of the problems. The market is starting to take away the new administration credit as they see them performing on a daily basis. Geithner is completely the wrong guy for this post as no one on wall street takes him for serious and eventually he has a poor performance back from the Bush administration.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment