I’ve been in the battlefield all morning selling positions, and adjusting my portfolio accordingly. There are a buch of significant breakdowns in the market, one important one was from our previous leader, the NASDAQ.
I’ve built up my cash position, but not quite ready to short yet. I’m thinking our next target is 875:
RC,
I agree with 875 but we will have a slight more pullback this week to adjust to oil and economy. Watch out for the end of next week. We will start bull ride again.
FLOW’s chart still looking okay after the panic selling.
Actually – this looks a bit like Jan 03 as the 200MA on the SPY held back the bulls from -2% of the 200MA down to about -12% where the bulls held their ground twice (double bottom?) and plowed through the 200MA in March 03.
Sept-Oct 98 has a similar pattern.
Jun-Jul 94 has a slow motion version of this as well.