It’s 6pm and this is the first time I’ve looked at the market all day. I am having some serious Intraday Commentary withdrawals. Looks like the pennant scenario is playing out. Despite the weakness after hours, I would expect a strong bounce from here.
Thanks, I needed to hear that after watching my newly purchased SSO tank thru the afternoon.
Predictable market. We are still trading on the “mathe rof all trendlines”.
Yesterday we bounced off it and today we broke it. tomorrow is decision time!
Here is the chart: http://www.alaki.com/stockcharts/sp-2008-11-12.JPG
It might bust the pennant and go straight to 650, like originally predicted.
Just wanted to thank everyone for their warm wishes and kind words. I responded to most of the comments on my earlier post, so again, thank you!
E-mini S&P 500 (Dollar) Dec 08 844.50 -9.00 46718 08:00:52 pm
E-mini NASDAQ-100 Dec 08 1145.00 -18.50 6274 08:00:52 pm
E-mini S&P MidCap 400 Dec 08 479.90 -5.50 82 08:00:52 pm
Nikkei 225 (Yen) Nov 08 8085 0 – 05:08:48 pm
E-mini Dow ($5) Dec 08 8209 -71 2448 08:00:39 pm
844…yikes.
It would be great if we could get that bounce to the 950 range before making the final plunge that breaks the bottom trendline. The problem is that in the afterhours, the S&P500 dropped below the October 28th lows, which MAY count as a violation of the pattern meaning that we cannot expect a rally to the 950′s. (ElliottWave Theory)