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Wednesday, March 11, 2009

FTSE tech update - general market update

Left hand the FTSE weekly chart looks like the DOW and SPX we have reached the weekly 13's and turned. The other day markets were manipulated up the last 2 days and its hard to see a low point with an ISEE of 220 it rather should be 60 as much more calls were bought that day than puts. That's a typical evidence of an insider deal but anyway we came close to the SPX target of roughly 650 and tested exactly the 6500 support of the DOW. We can start buying any weakness as shorts should be covered as I wrote last week. Very soon we will have a bull campaign especially when we close above 740 SPX short covering will be increasing. Except the insider players no one went really long so far. We only made the snap back to the weekly Boll . bands but the price action is promising. Get ready to rock and for long term investors who did not sell now an opportunity will show soon (last exit) to get rid of stocks as we finally will have to drop to half of today's values in 1-2 years time.

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I am a professional independent trader