Another Bearish Pattern!

3/19/09

Bearish Piecing(I hope I remember the correct words) Pattern! However, it need one more day to confirm these days. If S&P can close above 805, it does start an intermediate up trend. I doubt it can go up more from here given current market condition as I said yesterday. Financials are way way too overbought. In short, they may get bounce little bit even not in morning hours, it can bounce little in middle of tomorrow. But, I bet they will resume the sell off stage from now on. Good luck to whom spectulate financials. Our Feds are saying "Yeah! We are printing more $$$" What is next risk avertion?! I gotta take time to think this weekend when I come back from out of country.

New low CPC with super overbought!!

3/19/09

This above charts are created by other technicians. However, it truely show how over overbought the current situation. Also, notice how histories has told us what would be happened next?! Moreover, 3/21 is important seasonal date in Gann's theory. This could be our intermediate term and short term top. However, always need to see reversal and confirmation candlestick pattern. Bottom line this is not the price and time to be bullish anymore based on technical stuidies. Watch out today's market action!! I write this before market open today and it is not even 7:00am here. We'll see.

Just one picture worth thousand words!!

3/17/09

Folks!! I let you to draw your result.

Watch out for this head fake strong rebound!!

3/17/09

I am just making a brief comment here as I am currently out of town. Market is showing strong rebound and recover all yesterday lost. However, I am seeing few internal/breadth that market is about to take a super dive from here. Please remain caution about the market strength as this is another fake sucker rally. I am waiting if market open wide gap down and that's it. The final confirmation that Bears need. Maybe it could be tomorrow or very soon. Good trading to all!!

That's It!! Bulls Eye resistance at 774 for S&P!!

3/16/09

Wow!! What a ride end!! Well, it is totally expected in my pit. Nothing surprise as I noticed this will end here few days ago. This could be another down leg start as of today. Yes, I make my statement here. I will be out of touch for the rest of this week. Let's have a good trade for everyone.