Lots of action lately. That minor top/sell signal that I mentioned in my last post has run down against good support that I talked about (I said it was around DOW 11K), that support is exactly DOW 10,860. We have dipped below that on the daily chart with oversold Stoch. So I believe that we are pausing to gather some strength together and move higher. However, if we have a weekly close below 10,860 in the DOW, I will be moving to all cash until we rally. Stay tuned.
Thursday, August 11, 2011
Friday, August 5, 2011
What to do Now?
As you most likely know, the Dow dropped 500 points yesterday resulting in the loss of all of your gains for 2011 .
I looked at my charts last week and saw a minor top. Yes a minor top on the daily and weekly charts. There was nothing on the monthly charts. So the way I see this thing, we expected a pull back to some support. That support could be as low as 11,000 in the DOW.
My point is I don't think we have an end to the bull yet. So I am staying all in (the total stock market).
I looked at my charts last week and saw a minor top. Yes a minor top on the daily and weekly charts. There was nothing on the monthly charts. So the way I see this thing, we expected a pull back to some support. That support could be as low as 11,000 in the DOW.
My point is I don't think we have an end to the bull yet. So I am staying all in (the total stock market).
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