The market had been finding support in the 61% to 66% retracement area, but today’s market closed below this support level. This market is very vulnerable here.
Support has been broken (2hr chart)
– February 17, 2009Posted in: Intraday Commentary
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It’s a Craig sighting!
Thanks for the chart.
I saw him too!
thanks for chart and hope your job and trading going well!
does any one else see an inverse head and shoulder forming start on 28-29 we have a left shoulder and a possible head formed. Anyone ?
sorry , im blind to any bullish signals at this juncture. can’t see it.
i will be bullish around 739ish
me too! 734 maybe.. have to scare everyone and get just below the old bottom. that way the bubble heads on CNBS can pull out all the drama and pom poms and dance in the streets. we saved it we saved it… DOUBLE BOTTOM!
hope you read my blog
it’s all about this Stock Marketing Plan.
Went long WFC overnight – all in.
Long? Like L-O-N-G???
What- did you turn Craig’s chart over and read it upside down?
lol
I think we’ve found a contrarian indicator to replace Shanky, as he seems to be getting on the right side of trades lately. I’m not going to start gloating though, as that is a sure sign you’re about to rip up some money, though how anyone could go long here for anything more than 5 minutes is beyond me.
I am slowly adding to my FAS position as the market move lower. Cashing out on consolidation days. Gotta take profits in this market. Any recommendations? Consolidations days ahead or a straight move lower?
I learned in school that you can’t divide by zero, so I don’t have any advice for someone who is averaging down on the financials. Advice; enjoy any profits you have leftover from the last BS rally, and don’t try to catch the falling knife.
interesting what we got here. for the s&p to fall the dow will break lows. I expected a bounce. Also the qqqqs are sitting on 38% support. We shall see how this plays out.
yes, the dow must head much lower for the SP to meet its Nov Low or will they just forget that and have a DOUBLE BOTTOM party on the DJIA alone? what a joke. who the hell knows. wish we could just ask the aholes in charge what is going to happen next. that is what thier friends get to do.
the Russels will have to make a few more big down days to come close to that bottom. how can they get this all done and save the OPEX no pain. alot of action to pack into just a few days especially when the computer…uh.. i mean traders…kept us flat all day.
Oh, just come out and make a post when you feel like it why don’t ya? Like, I’m supposed to pay attention to some guy named Craig? Craig, give me a break. Till the dude posts another vid I do not acknowledge his existance.
P.S. – thanks for the chart.
I heard he was coming out with a bluray video in a couple weeks. 180 minutes of pure TA to make up what we have missed.
You guys kill me. Believe me, you would not want my TA now. I’m too out of touch. Otherwise, I would find the time. I used to watch the market all day. Now I only glance at it after each close. Big difference, at least for me.
Tired of all the Hogan Bottom bs. That puppy will crack like Humpty Dumpty. Nice work Craig. ty