Tuesday, October 04, 2011

 Some body in Cobra's room was calling this a "TRIPLE BOTTOM", hahahahaha, I, DON'T, THINK SO!! With the clean break of ALL the prior lows, then we, SHOULD, as in SHOULDA COULDA WOULDA, GO..................DOWN!!! But who knows, our, FRIENDS, in the Government and FED, will be doing EVERY THING they can to prevent a repeat of 08', sigh, wad ever.
Since we've made the break, the "EQUAL MOVE" targets are, IN PLAY! The most obvious is $98, you get that by taking the LAST high, in July, subtract it from the August low, and you come up with that number. You COULD, take the Obama Higher, eeeeerrrrr, excuse me, the Osama high, in May, which would move the target down to $96.
By the way, we dropped in the after hours close to $109, so, we are, OFFICIALLY, in a BEAR MARKET, as defined by a 20% loss off the Osama high, so what that means, if that Wall Street says all the retails can SELL NOW, SELL, IT'S SAFE TO SELL THIS THING NOW!!! And after you sell, you have to WAIT, until we get a 20% rally, BEFORE YOU CAN BUY AGAIN! Like I've said before, I STILL can't figure out where that 40% goes!
ANYWAY, I have a couple of problems with those numbers I gave for the targets:

We have big support from the July and August lows from last year, at $104 and $102, AND.....

We have HUGE support at the WHOLE number of $100, which comes from the lows of June from last year, the lows in October of 09', and a shelf in 08', soooooooo, we could struggle mightily to get to those numbers I mentioned at the top, BUT, the numbers are the numbers, that's what the target SHOULD be.
Wad ever, have I mentioned, I HATE BEAR MARKETS!!!

HMMMMMM, Sam and Serge seem to disagree on which direction the markets taking:
How to Play the Next Bear Market Rally
The market is oversold and due for a bounce. Get Sam Collins' take on the markets.
Don't Bet on Support Holding
Selling pressure will quickly take stocks lower when stops get triggered. Get Serge Berger's take.


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