No Hope On Wall Street
Source: http://feedproxy.google.com/~r/TradeTheBreakout/~3/D8r2BIZ0IW4/no-hope-on-wall-street.htmlPosted on Tuesday, January 20th, 2009 | In Investing Lessons, Trading Lessons
Contributed by: Kingsley Anderson (http://tradethebreakout.blogspot.com) -
The market could not even put in a faux rally today. Now that’s bad- you would think that traders would have gotten up for today’s historic inauguration. At this point, the charts do not show any promise. The NASDAQ has support at 1400, the S&P 500 at 800, and the Dow Jones has essentially no support until the November low.
As for the other indicators, the VIX broke above support at 55 and the McClellan Oscillator is at 48.86. As for this indicator, we are not even oversold.
I know I sound like a broken record, but now is not a time to be going long. It looks like we will retest the low sooner rather than later. Hold on to your wallet!
Last 5 posts by Kingsley Anderson
- Future Looks Bleak For The Stock Market - February 19th, 2009
- Stock Market Continues To Heal - February 15th, 2009
- Not A Lot To Be Excited About - February 12th, 2009
- Will The Stock Market Rally Continue? - February 9th, 2009
- Oil Range Tightens - February 9th, 2009
 About Kingsley Anderson (http://tradethebreakout.blogspot.com)
Kingsley Anderson is a long-time individual trader. When not analyzing stocks, he is an attorney at a large law firm. Prior to entering private practice, he served as a judge advocate in the U.S. Army for five years and continues to serve in the U.S. Army Reserves. Kingsley primarily relies on technical analysis to decipher the markets. |
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