Tuesday, November 01, 2011

Here's some Fibonacci support numbers, the PRIMARY support comes in at the green horizontal line and circle, that's the 50% retracement of the ENTIRE drop from May of this year into the low in October, that comes in around $122.30, and is VERY strong, as it's right at the rising 20 MA and also is the top of the key number that it took to break out of the range we were in from August into October. If we can't hold that then the next logical number would be a 50% retracement of the rally in October, that comes in at the red line and red circle, just above $118, I don't really care for that one as there is no supporting, SUPPORT, in that area, but, wad ever, it is wad it is. 
The red horizontal line at the top, that goes through yesterday's candle, is the Weekly Pivot Point, at $126.74, as long as we are below that line we have a negative basis, so the first order of bullshitishness would be to retake that line. 

Welp welp welp welp welp: The futures have been selling off all night, DOW down about 153 points, as China's PMI came in less than "expected", and Greece is going to vote on whether to take on MORE DEBT!
As I mentioned over the weekend I would only sit up in my chair if we filled the gap from last Wednesday, prior to the dumb ass gap on the last head lines that had the words "EUROPE", "PROBLEMS", and "SOLVED" in them. Well, here we are, heading into the open of the premarket, and we've FILLED the gap, WOOOOOO HOOOOOO!
AAAAAAAIIIIIIIIYYYEEEEEEEEE, HAHAHAHAHA!! Nothing like trying to buy a stinking falling knife, sigh, the only good thing about it is you definitely have a point of reference for your stop, and I would DEFINITELY take that stop, for under that "area" and we run into another AIR POCKET, or VOID, that provides NO support until the next shelf from October 20th, now just to the left of that is more support that comes in from October 18 and 19th, which isn't that far away, so this may have a better chance of providing support that may actually, well, SUPPORT the markets.
Good luck to you out there today. 

Stock pick for 11/01/2011

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