1/15/09
Today is very possible a reversal day of the short term bearish correction. Intermediate term is still going down. However, we need to see tomorrow follow through action to confirm this hammer doji bullish candlestick pattern. Technically, it needs at least four ingredients to consist a more solid reversal day.
1. New Low 2. Close>Open 3. Close>Yesterday Close 4. Relative Heavy volume
Fundamental news to cause today morning bearish move is the next "Citi" Bank of America need more bail out from Government. Indeed, as of news when I am writing this, BAC needs the almost the same support likely from "Citi". I guess I am right again. Nationaliztion of Citigroup and Bank of America is very soon. The next victim in my list would be JPMorgan Chase. It will very soon to hear JPMorgan Chase need another round of bail out from government. Try look at banking index, it just made a fresh new lows today. It means banking/financials are still in very bearish shit. Good luck to bottom fishing or hit and run trade. However, I could provide a good strategies to acquire your cheap financials stock and reduce your cost on going. Of course, you have to be my client to get my utlimate professional services. Let's see how market close tomorrow as the first stock options expiration date of year 2009. Remember, next monday is market holiday.
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