5/4/09
I am wrong about this intermediate high was marked on 4/30/09. Well, the last friday action did not confirm the bearish reversal pattern(Evening star) I expected anyway. However, the uptrend is intact and today violent action breaks upper trendline, it could be bearish to going on. Still, I need to see if tomorrow gap down and keep sell off and more to come. Although I am bearish, the short and intermediate term are still bullish. Trade with cautional bullish is essential now. If this bulls can keep on, the next resistance would be 960-970(200 MA area).
The news is out, we got 10 out of 19 banks need raise more capital from WSJ tonight. Ooops, we all know that most banks are insolvent. Let's see how market and government play with those zombie banks!!
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