Friday, September 02, 2011

6:45AM: I mean, I don't know about YOU, but, I, don't mess with "NEWS" events, and this is one reason why, the, INITIAL, reaction to the HORRIBLE NON-jobs report was higher, over a hundred points, as Da Boyz tried to suck in some crazy Long's, I guess under the guise of that it's so BAD, it's actually GOOD, as the FED will be FORCED to give more free money to Da Boyz on Da Street! Wad ever, they immediately took off south to the tune of a couple of hundred points, WELCOME TO SEPTEMBER!!! 
Wad ever, nice send off into the Holiday weekend, at least it may not be the typical, low volume, pre-Holiday type of trading day, I have NO IDEA what they will do with it after the REAL open, I would think they have exhausted themselves before the open, and we probably get a kind of wallowing, slow type of grind higher type of thing.
Anyway, good luck to you out there in La La Land today, and have a GREAT weekend. 

Free stock pick for 09/02/2011
Ivica at Xpertstocktrader.com

Why You Should Be Worried About September
The charts say this month may be daunting for investors. Get Sam Collins' take on the markets.
Is It Worth Laboring Over the Market Today?
The jobs report should cause a good deal of volatility, but few of the big players will be present. Get Serge Berger's take.
Don't Wait to Sell BP
A bottom appears to have failed with a big pickup in selling volume. Get Sam Collins' downside target.

 WELCOME TO SEPTEMBER, sigh!
"IF" (the, BIG, "IF"), this is all we are going to get in the short covering, or counter rally off the lows, THEN, the "Equal Move" points to $98. This point will continue to move if the, quote, "rally", continues.

 The current rally retraced almost EXACTLY 50% of the point where we started the fall from grace to the FIRST low point. I would point out that my ORIGINAL target for the current rally, $126, is sitting right at the 61.8% retracement level AND the declining 50 DMA, a VERY logical target should the market go higher.

"IF", we have JUST a pull back here, which would set up the Cup and Handle I talked about, a LOGICAL stopping point would be the 50% retracement level, which is right at $117, we, "SHOULD", stop any pull back there, OTHERWISE, we are probably after the "Equal Move" target, ESPECIALLY, if we break those lows at $110.
By the by, I don't BELIEVE in Fibonacci numbers, it seems like a bunch of bull shit to me, but, wad ever, I CAN believe in them, if they also come in at a logical area of support or resistance. $117 is a NOTHING number, there's no support or resistance at that point, but I should point out that $123, where the rally stopped at that 50% level, is ALSO a NOTHING point, so, well, wad ever, take it for what it's worth.


Cisco on the Move     

By Mike Paulenoff, MPTrader.com
See article and chart at http://www.mptrader.com/middayminute/

0 Comments:

blogger templates | Make Money Online