2c
Thursday, February 21, 2008
Philly Fed did it...
what a horrible number and is quite significant too. Yes, it is a confirmed recession and the market sold off just about having signs of recovery. Well let's look at the damage today. Again, it spanned r1(630) to s1(619) and closed below s1. You've two WR7s side by side and if we consider the move from Feb8 is an up move, we got exhaustion here. Watch the lower channel very carefully, if broken we start wave 5. Right now it is not looking good. Except for RIMM, AAPL and GOOG got turned back from reversing. Perhaps it is only a delay and will see. OIH and POT are retreating. This makes sense if we have a recession. Tomorrow's numbers are 627, 623 and 614.
2c
2c
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2 comments:
we have tested upper end and bottom end of each wedge 3 times. Do you think we break down or up?
A WR7 with a weak close normally signifies end of up trend and also volatility ratio indicates a change of trend. Many other indicators are conflicting because of the high volatility, up/down 100/200 points. Right now my bias is still to the down side.
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