Here is the second installment of my market recap for today, as well as a freebie for non-PPT/12631 subscribers.
Joined Apr 1, 2010
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Good stuff. Did you say “Gigalo”. What’s next, a buffalo stance?
Hi Chess,
The daily chart of SMH is way oversold as with 90% of the charts out there. The concern I have is the weekly chart. Not only has it broken down below slow stochs 80, but also the 10 EMA. Weekly MACD is crossing into bearish territory & RSI is pointing down. I’m afraid that if SMH doesn’t turn the ship around soon, gravity may once again win out!
Exactly–weekly timeframes are a huge concern as far as putting on longer term swings.