The expected correction has started as one can see clearly on the weekly chart but it may still be a bit tricky as we will have a disturbing upswing around the 6-12 Oct before we get to the more severe selling pressure. We might see the highs once again before droping the full scale of 10% down as some little final counts do still miss like the SEQ weekly counts are at 12's but they also can be completed in weeks or months so its not mandatory. The price action speaks loud and clear and the sentiment is far more positive overall and an interesting coincidence is always when the IMF makes a call the opposite happens for markets. In SPX terms I had said and keep saying sell around the 1050 levels and above that was mainly for longs now we can add thhe short side to the equation but I would rather wait for the little upswing to sell into it.
Friday, October 2, 2009
DOW tech update
The expected correction has started as one can see clearly on the weekly chart but it may still be a bit tricky as we will have a disturbing upswing around the 6-12 Oct before we get to the more severe selling pressure. We might see the highs once again before droping the full scale of 10% down as some little final counts do still miss like the SEQ weekly counts are at 12's but they also can be completed in weeks or months so its not mandatory. The price action speaks loud and clear and the sentiment is far more positive overall and an interesting coincidence is always when the IMF makes a call the opposite happens for markets. In SPX terms I had said and keep saying sell around the 1050 levels and above that was mainly for longs now we can add thhe short side to the equation but I would rather wait for the little upswing to sell into it.
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