THE DOT - if this turns orange or red be alert

Tuesday, June 16, 2009

DOW update

The Dow recoverd from deeply oversold conditions but although all the hype about the 40% it has not even made a 38.2% retracement yet. It will eventually but for now wave A seems to be finished (weird enough even Goldman came up with a few weeks correction claim today - makes me double think). A 38% retracement down within the A is down to 8000 which is a likely scenario the extreme is about the 50% at 7750 - the area between this levels should hold any short term correction before we have made the final top around 9500 late summer which should be followed by a steep correction into 2010. The talking heads nonsense about the 200 day MA is boogie distraction talk of the club since I have no doubt that Bloomberg is a member. They rather misinform instead to inform with all their pathetic statistics - same applies for CNBC. Well we have to think for ourselves or you will get buried the next years as markets will drop much deeper and no government has any bullets left to pick up the mess then. A so called Tech analyst on Bloomi said today we broke out of the downtrend - well have a look yourself and let me know if you see anything like that, since I do not see it - the bullshiting campaign is unbelievable. Keep always in mind that Rothschild's bought Reuters which used to be the leading news provider - it is obvious why he did so - do not think for a second that Bloomberg is not controlled by the 'club'.

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I am a professional independent trader