6/17/2009
I gotta show you this… I’m a numbers and charts guy… check out the VIX(The Volatility Index) you can clearly see a reversal… is it an 8-month downtrend
http://stockcharts.com/h-sc/ui?s=$VIX&p=D&yr=0&mn=8&dy=0&id=p33661683834&a=156610991&listNum=-2
This bodes ill for the Dow and S&P500 going forward.
Dow – shows another downleg… is this the start?
http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=2&mn=0&dy=0&id=p95815273136
Ditto Dow for S&P500 – it appears another downleg has begun
http://stockcharts.com/h-sc/ui?s=$spx&p=D&yr=2&mn=0&dy=0&id=p95815273136
I had a conversation with one guy in our office back in March or April – don’t know exactly when but… I told him support and resistance level on the DOW… and for the record… I’m putting my “edumacated guess” on where the DOW might fall to…
All about the Fibonacci retracement supports
- 7971 @38%
- 7688 @50%
- 7405 @62%
- 6490 @100% (which is the low for this bear market)
My guess is that the DOW is planning to retest the 6490 low. Whether it will hold or NOT, will be determined by market forces some time soon before year end — as the DOW falls a heck of a lot faster than it rises. I’m going to say it again like I’ve always said… this is the biggest transfer of wealth of MAN KIND!!! Don’t be a sucker… that little rally to 8800 was a HEAD FAKE!!
http://stockcharts.com/h-sc/ui?s=$INDU&p=60&yr=0&mn=11&dy=0&id=p36894528259&a=170478058&listNum=-2
Plus the decisions being made in Washington do NOT inspire me with investor’s confidence. What the heck is Mr. Barack Obama smoking… I’m just waiting until the honeymoon wears off… let’s see how long he can wag is tongue… there most be another 200 million investors in the USA and abroad who are not buying the verbal garbage spewed by CNBC daily… especially by buffoon Larry Krudlow.
Protect Your Wealth.
Jeff Coga
PS
Got mula and don’t know what to do? I can give you some good returns on greens… ask me how.
Tags: dollar collapse, DOW, economy, Fibonacci retracement, jeff coga, s&p500, stock market crash
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