Some idiot is on TV, talking BS technicals...
So... Lets talk about the pattern, This has switched from the Possible Pendant, to the Ascending Triangle... and it looks ripe for a breakout..... I would say it would not be healthy for it to retest the lower trend line, We should break out here.
The target for this is 138 on the SPY!!!!!!!!! Which if you see that red line is the Overall Wedge Setup for the market.
Umn look at that low volume.... Let me also say (and I'm not calling Bottom), the rally in 75 for the first few months was "on low volume".
Let me say that I would say that if we had a solid retest of 10,700 on the Dow, that would have been more Bullish for the market.
This is a possible Rally setup for a Sept-October Retest.
I'll still... Using my B.S. Mojo, say that this pattern is setting up for a "double Bottom"
Good Old Ducati, suggested employment needs to stabilize.
Wednesday, August 6, 2008
SPY Chart Astrology
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A while ago we talked about indicator stocks for tech: AAPL vs CSCO
http://tinyurl.com/5rcbfx
CSCO over the past month has tracked the broader index very well and the good news last pm is temporally associated with the tech index rise today.
Cramer's thesis about oil AND banks rising so far is not too far off.
Teresa Lo has several gold miners in the short picks today.
Gold is headed to retest 850.
If the market goes to 1350... Everything will have to rally.
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