Friday, January 22, 2010
Ain't that sweet right after the Barron's roundtable declared the bullmarket to carry on the market decided to take a dive. Well as I said as soon as Jupiter moves out of the Aquarius game over for Tech - just check the SOX for its performance lost already 13% from the top. A picture tells sometimes more than a 1000 words - check the NDX weekly for reference, we broke the uptrend first time and closed this week the gap up 5 weeks ago. The indicators are all overbought still and plenty of way to go as a conservative target 1600 seems to be just a matter of time ( well rather mid Feb ) as a retest of the lows is still our target for the first half of the year. We had almost a 900 points run which is 90 % performance with Jupiter the main driver. 38% retracement is matching the target area of 1560-1600 for the first wave as it is the 200 day MA level and should be reached within 9- 10 weeks.
Posted by getagrip at 3:12 PM