THE DOT - if this turns orange or red be alert

Friday, September 4, 2009

NDX tech update

Tricky price swings will be the nature for most of Sep. but the overall bias will be down. The risk to the upside is very limited as we have not the momentum to break above that resistance and a consolidation is at hand. The odd part is that its broadly expected hence we can expect a trading range of 1500 -1650 until last week of Sep but the potential extension is rather to the downside especially in Oct - we should see 1350-1400 at some point within the next 8-10 weeks before another upside attempt towards yearend should follow. So for now sell any strength that is as I said ealier a very discriminating game as some sectors and stocks will still do well. ( Pushed by so called quant -momentums nerds who have no clue about valuations and just push share prices around - thats why worthless stocks are still keep going up)

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I am a professional independent trader