Now that the crash is over (maybe)
Now that the crash is over, maybe for a while, and as long as it holds, my initial prediction is in full force again. (at the beginning of this thread, if you care at all, and if not, that's o.k. also.....it is kind of like math class, if you miss the beginning then it won't make any sense 3 chapters later).
I really love to hear everybody's opinions. It makes it a lot of fun. It doesn't have to be techno, as opinions are cool too.
Here is what I think is shaking:
Let's start with the DOW - Our resistance levels are 8350 and 8500. Our support levels are 8000 and 7773.71
We closed today at approx. 8228.10
The war will now begin upwards (provided something doesn't happen by tomorrow).
Moving our way up to 8350 is going to take on the sellers. It is going to be a war. The closer that we get to 8350, the more blood on both sides until somebody wins through 8350. It could well be that it will be such a war that we could spend days to weeks in this area between 8000 and 8350, however, if we make it through 8350, it will even get bloodier and the war will be that much harder, because the sellers are going to try and take every stride from us. I think that they will win a lot of the battles, but hopefully we can hold our base and create new support levels as we make strides.
Once through the 8500 (whew! if we can pull it off) then it will be a bullish market again. At least I will be bullish at 8500. Now (this is getting more far fetched for now)If we can pull through the 10 day and 50 day MA's (approx. 8700) then everything is rocking. But for now, we need to work on the 8350 and the much harder 8500.
Now to the NAS -
The NAS resistance levels are: 1539 1600 and 1665
The support levels are: 1500 1456 1444 and 1400
The NAS closed today at: 1507.7
Our next resistance level is 1539. It is much the same story as the DOW in terms of having to fight.
We will have to fight our way through 1539 and then really fight to get through 1600...that is the bloodbath point for the NAS now.
I am bullish on the NAS above 1500. Hopefully we will hold.
We could be between 1500 and 1600 for days to weeks while everything in consolidation gets worked out.
The DOW and the NAS have many fights coming on, so if we stay above our support levels, then we will have a very choppy chart for quite a while.
The Obama Prediction Performance scorecard
The Obama Prediction Performance scorecard:
Day 1: CRAP 1/20/09
Day 2: GOOD 1/21/09
Day 3: CRAP 1/22/09
The performance so far: CRAP 2 to 1
Any predictions on Day 4?
Prediction for 23 January 2009 (Friday)
Today I have no prediction.....the market is like playing horseshoes with hand grenades.
It is time to kick back and see what will shake out.
If it goes up, then yesterdays prediction is in force. We could be caught in a sideways drift that is starting, so sidelines is the call for me. If it is sideways it could last for days to a couple of weeks. You can check the relevant numbers in yesterdays prediction.
Right now, day trading is probably the only way to make money and it is tenuous at best. Quite frankly, today was too confusing for me personally to make sense of. The movement was going both directions and volatile as can be. It could stay this way for a while. Next week might make more sense, but tomorrow (Friday) will be interesting to watch.
No more predictions on Obama rally. It failed.
This my last post in this thread, as the rally just didn't happen for whatever reason. I am going to do my guesswork in "Daily Market Watch". Last one out please shut off the lights......click!